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)