*GMR to raise Rs 550-cr by selling SEZ land* GMR Infrastructure, the Bangalore-based publicly held infrastructure developer, is understood to have zeroed-in on 2 potential buyers to exit a part of its land holdings on which it was planning to develop a special economic zone (SEZ) in Krishnagiri district of Tamil Nadu. GMR is looking to sell a total of 1,100 acres of the close to 3,000 acres it has for Rs.550 crores. This move to sell a part of its land holding in one of its SEZ is part of an overall move by GMR to exit some of its assets as part of its *'asset light - asset right'* strategy. GMR during 2013 has been pretty much aggressive on shedding assets through which it has raised close to Rs.3,000 crores already during the first half of the year. GMR had earlier exited a power project in Singapore for Rs.2,500 crores, while divesting a 74%stake in a highway project & another coal mine in South Africa. The SEZ at Krishnagiri was part of GMR's strategy to get into urban infrastructure space spanning industrial investment zones as well as domestic tariff areas. *IMPACT*: Neutral. The company with its new strategy is eyeing to cool off its debt burden which stands at ~INR 3000 crores but then the company will not be able to enjoy the tax benefits on the intended sell part of the land. -- CA. Rajesh Desai
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