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GMR Infra to invest Rs 2k cr in road biz

Business Standard:  June 03, 2009

Bangalore: GMR Highways, the road construction division of Bangalore-based infrastructure major GMR Infrastructure Ltd, is looking at an investment of Rs 2,000 crore in the next two-three years to develop various road projects in the country. The company, which is bidding for 16 road projects worth Rs 10,000 crore this year from the National Highways Authority of India (NHAI) under the public-private-partnership (PPP) model, intends to invest the money in the form of equity to set up special purpose vehicles (SPVs) to execute new road projects.

GMR Group’s MD O B Raju said: “Out of the 16 road projects of NHAI, we have already been qualified to submit tenders for four projects and are awaiting NHAI’s response for the remaining 12 projects. We need to be ready with funds to invest as and when new road projects are won by the highways division.” He said the company expects to bag projects for developing at least 800 kms of road from NHAI this year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.