GMR Infrastructure’s group company GMR Highways has signed a definitive agreement with India Infrastructure Fund (IIF) to divest 74% stake in GMR Ulundurpet Expressways (GUEL). This step is in line with GMR Group’s Asset Right and Asset Light Strategy and the transaction is subject to closing conditions customary to such transactions. This is a second major divestment in GMR’s roads portfolio in less than 6 months. IIF emerged as successful bidder in buying majority stake in GUEL, which attracted strong interest from several major investors from India and abroad.
GUEL operates the highway stretch of about 73 km, from Tindivanam to Ulundurpet on National Highway 45 in the state of Tamil Nadu. The project commenced commercial operations in July 2009. GMR Group will receive a consideration of about Rs 222 crore for the sale of 74% equity stake. Link Legal India Law Services acted as a Transaction Legal Advisors for GMR Group while Udwadia Udeshi & Argus Partners acted as Advisors for IIF. GMR Infrastructure is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. The company has 14 power generation assets of which 8 are operational and 6 are under various stages of development and 8 Road assets, of which 7 are operational and one is under construction. -- CA. Rajesh Desai -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send email to [email protected]. Visit this group at http://groups.google.com/group/globalspeculators. For more options, visit https://groups.google.com/groups/opt_out.
