GMR Highways Limited has signed an agreement with Macquarie SBI Infrastructure Investments Pte Ltd and SBI Macquarie Infrastructure Trust to divest 74 per cent stake in GMR Jadcherla Expressways Ltd.

The GMR Group is operating the GJEL Farukhnagar-Jadcherla highway in Andhra Pradesh, under a concession agreement signed with NHAI. The project commenced commercial operations in February 2009.

The GMR Group will receive Rs 195 crore immediately and about Rs 11 crore later. This works out to Rs 206 crore for the sale of 74 per cent stake. The original invested capital for the corresponding stake was about Rs 146 crore.

Macquarie SBI, which is one of the largest India focused infrastructure funds has expanded its roads portfolio with this investment and has a well-diversified portfolio with assets in the telecom towers, airports, power, roads and renewable energy sectors.

Subba Rao Amarthaluru, CFO of GMR Group, in a statement said "Globally large infrastructure groups follow the strategy of churning the mature infra assets to optimise the value realisation process and to meet their growth capital requirements."

"Monetisation of assets by picking the right partners to divest is completely in sync with our strategy. This reinforces the GMR Group’s asset light and asset right philosophy. The GMR Group will continue to focus in adopting this approach in other businesses as well," he said.

The GMR Group has 17 power generation assets of which 6 are operational and 11 are under various stages of implementation and 9 road assets, of which 8 are operational and one is under construction.

rishikumar.vundi@thehindu.co.in

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