In order to reduce its debt, GMR Infrastructure is in the process of offloading stake in some of its toll road projects.
The company is reportedly in talks with potential investors such as Morgan Stanley Infrastructure Fund, Citigroup Venture Capital, SBI Macquarie and ICICI Venture to raise about Rs 1,800 crore through the stake sale.
These prospective investors are learnt to have sent expressions of interest (EoIs) to GMR for buying its road assets.
The investors may to start due diligence of the road assets shortly and complete the stake purchase in six months.
In April 2013, GMR started the divestment process in its highway business by approaching select investors with a proposal seeking to sell 67-76 percent stake in four different assets close on the heels of its divestment of majority stake in Jadcherla Expressways to SBI Macquarie in February 2013.
Pochenpalli Expressways, Ulundurpet Expressways, Hyderabad-Vijaywada and Hungund Hospet are the assets which are offered for sale.
GMR had invested about 900 crore in the four assets. It has nine road assets, out of which eight are operational. The Bangalore-based Group has recently sold 70 percent stake in Jadcherla Expressways for Rs 206 crore, translating into a 40 percent increase in its investment.
Considering this as a benchmark, the company would raise Rs 1,260 crore by selling stakes in four toll road assets.
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