GMR Infrastructure Ltd is ready to list its energy and airport units with the market sentiment improving and in view of the recent reforms announced by SEBI for retail investors.

The company is also looking to review its overall business strategy from being asset light to a more balanced growth oriented plan.

Speaking to BusinessLine , GM Rao, Founder Chairman, GMR Group, said, “We are ready to list GMR Airports and GMR Energy but we are looking for right time. The market sentiments have picked up and the recent reforms announced by SEBI are welcome. Bankers have been appointed and we are looking to divest 10-20 per cent depending on market.”

The Group, which has diversified interests in airport, road and energy, had taken a decision few years ago to exit non-core areas and had termed it as ‘asset-light, asset-right’ strategy. The move was aimed at riding the downturn and cutting the debt burden.

Over the last two years it has exited a power project in Singapore and also sold stake in Istanbul airport. In addition it also moved out of three road projects. The game plan seems to have worked for the Group. BVN Rao Chairman-Urban Infra & Highways, GMR Group, said that one has to see the leveraged debt of the Group instead of project debt.

“We have leveraged old assets and raised loans in lieu of equity. Assuming I have ₹4,000-5000 crore leveraged debt, the divestment of Singapore power plant got us ₹2,650 crore cash, the Istanbul airport sale has got us ₹1,900 crore. So divestment cash is kicking in. We are nearer to 90 per cent of leverage debt,” said BVN Rao.

The GMR Group has not taken up any new projects in the last four years. The last leg of ongoing investments will be completed by September. By next year these projects will mature and cash will start flowing in.

With overall sentiments picking up, the Group is reviewing its strategy. “Sentiments have changed after the new Government took over. We are now thinking of changing strategy. We may not continue with the asset-light plan. We may take a more balanced view and go for a growth strategy. We will finalise our plan after seeing how things pan out over the next 4-5 months,” said GM Rao.

Rao said that GMR will stay invested in Indian Premier League despite Delhi Daredevils not putting up a good show.

“We thought of divesting, but we didn’t get any offer. But now we are not selling it. However, we are making profit for the last three years,” he said.

Rao also ruled out any plans to exit the coal mines in Indonesia. “Divestment should be done to make money. When coal prices are low it doesn’t make sense for us to divest,” he said.

In the energy sector, GMR is looking to expand its presence in the renewable energy segment through new green field projects.

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