Construction major, GMR Infrastructure Ltd. has announced that it has formed a sub-committee of its board for a possible demerger of its airport business as the company is eyeing on a US$ 100-billion investment opportunity in India.
GMR Infrastructure in its exchange filing also said that the company has already received a number of proposals from various investors for the airport business, which are being evaluated and shall be placed at the meeting of the newly constituted sub-committee.
According to the company’s statement, the sell-off of the airport business would pave “way for the next phase of growth considering the stated intent of the government for faster privatisation of airports in the country which is a $100-billion investment opportunity.”
GMR Infrastructure also reported an Rs. 561 crores loss for the third quarter ended December 31, whereas the diversified infrastructure company’s gross revenues during the said quarter stood at Rs. 1,958 crores.
In the media statement, GMR Infrastructure reported that its airport business generated Rs 1,358.38 crore as revenue during the said quarter, while the power segment generated Rs 145.74 crores of revenue. The company also emerged out as the successful bidder for Nagpur Airport.