MUMBAI: Cash-strapped infrastructure conglomerate GMR has decided to exit its first independent power project (IPP) outside India by selling the entire 70% stake in its Singapore plant, popularly known as the Island Power Project.
With GMR expecting to raise over $650 million through the sale, the move will generate liquidity and help pare its consolidated group net debt of Rs 37,681 crore as of December 2012, which amounts to a gearing of 3.5 times.
The Bangalore-headquartered group is currently in advanced negotiations with a group of strategic South-East Asian power and utility majors, and is hoping to conclude a deal in the next few months, said multiple sources aware of the development. Full story
