GMR Infrastructure aims at cutting its debt of R45,800 crore as on December 31, by at least 30% in next few months through a mix of asset divestment and operationalisation of power projects.
With three asset sales ? Singapore Energy, HEG mines in South Africa and the road project of GMR Jadcherla Expressways ? the company has cut its total debt by R4,188 crore, Madhu Terdal, group chief financial officer, told analysts. He added that with definitive agreements for sale of its 40% stake in Sabiha Gokcen International Airport in Istanbul, and the 74% stake sale in Ulundurpet Expressways project, the company will reduce its debt further by R1,858 crore.
The company said its corporate debt stood at R6,800 crore, of which R4,100 crore is on GMR Infra and R2,500 crore on GMR Energy. Terdal said the company?s market price is ?under pressure because of this debt? which is not backed by cash flows.