The GMR Group wants to sell its stake in an aircraft maintenance facility at Hyderabad international airport and has appointed investment banker Rothschild India Pvt. Ltd to look for buyers, three people close to the development said. The move is in line with the group’s strategy of divesting non-core units to pare its total debt of Rs 39,170 crore ($6.5 billion) as on December. MAS GMR Aero Technic Ltd is an equal joint venture between GMR Hyderabad International Airport Ltd and Malaysian Aerospace Engineering Sdn Bhd. It is unclear how much the proposed sale would fetch. (Live Mint)
Suzlon eyes Rs 10,000 crore London Stock Exchange listing for arm: Suzlon Energy, world’s seventh largest wind turbine manufacturer, is planning to sell shares in its German subsidiary Senvion SE (erstwhile RE Power) to raise Rs 10,000-crore ($1.67 billion) by listing it on the London Stock Exchange (LSE). The company will have to dilute 25% stake in Senvion to meet the UK listing norms and expects a Rs 40,000-crore valuation for its crown jewel. The company is in talks with financial institutions and banks for private placement of equity and has got assurance from one of the non-lenders to buy its shares in the private placement to benchmark the price. (The Times of India)
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