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GMR non-airport business yet to take off
Business Standard
|December 25, 2023
More than two years after GMR Group initiated a demerger, the airport business continues to outpace the group's non-airport unit in terms of growth and attracting investors.
In 2021, the group initiated a demerger for its then sole listed unit - GMR Infrastructure, into two listed entities GMR Airports Infrastructure (GIL) and GMR Power and Urban Infra (GPUIL).
While the former is its airport business, GPUIL is the non-airport unit.
The aim of the demerger was to allow the airport and non-airport businesses to chart out their respective growth plans and facilitate strategic partnerships at different platforms.
While the airport business continues to attract investors as envisaged, transformation of the non-airport business into an energy vertical is still work in progress.
An email query sent to the GMR group remained unanswered.
In March this year, GIL raised ₹2,900 crore from Groupe ADP through 10-year foreign currency convertible bonds (FCCBS). The proceeds were to be utilised for debt reduction at GIL and GPUIL.
This story is from the December 25, 2023 edition of Business Standard.
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