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GMR Group plans to raise $1 bn as it eyes turnaround

"It will be partly used to repay debt. We may also grow into the renewables space, or look at a small expansion into our existing energy business," CFO Madhu Terdal said.

Tommy Wilkesand Karen Rebelo | December 7, 2015 | Updated 17:52 IST
GMR Group plans to raise $1 bn as it eyes turnaround
"It will be partly used to repay debt. We may also grow into the renewables space, or look at a small expansion into our existing energy business," CFO Madhu Terdal said.

Infrastructure firm GMR Group plans to raise at least $1 billion over the next two years to help cut debt, repay investors in its airports business and prepare for a new phase of growth, its chief financial officer said on Monday.

"It will be partly used to repay debt. We may also grow into the renewables space, or look at a small expansion into our existing energy business," Madhu Terdal said.

"We are now in the turnaround phase."

GMR, which has a net debt of Rs 410 billion ($6.15 billion), has also held preliminary talks with investors about stake sales in its airports and energy businesses but is "not in a hurry" to sell and talks are not at an advanced stage, Terdal said.

($1 = Rs 66.6500)

(Reuters)

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