GMR Group has completed the sale of the 50 per cent interest in InterGen NV to a consortium led by China Huaneng Group for $1,232 million. With the completion of this deal, GMR's debt liability has been reduced by $1 billion.
The deal also releases $225 million as equity. Mr G.M. Rao, group chairman, GMR Group, said, “The completion of the sale of our interests in InterGen increases our capacity to focus on developing infrastructure projects in our core markets.” In 2008, GMR bought a 50 per cent in InterGen for $1.1 billion.