Khazanah JV, SBI Macquarie may invest in GMR

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Khazanah JV, SBI Macquarie may invest in GMR
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Khazanah JV, SBI Macquarie may invest in GMR

07 Nov 2012

To invest in the road assets of Bangalore-based diversified conglomerate GMR Group, Malaysian sovereign fund Khazanah and SBI Macquarie have emerged as potential investors.

Uniquest Infra Ventures, Khazanah Nasional Berhad's joint venture with IDFC and SBI Macquarie are likely to pick up minority stakes either in road asset holding company GMR Highways or special purpose vehicles for the road projects.

The Bangalore-based group is talking to investors to invest up to Rs 1,500 crore in its road projects. Sources said that Uniquest and SBI Macquarie are clearly front-runners. GMR is talking to other investors as well, said sources.

A large part of the funds raised will be used to build the $1.6-billion Kishangarh-Udaipur-Ahmedabad highway, which will connect Rajasthan and Gujarat. Uniquest has acquired a stake in Jetpur Somnath Tollways, which is implementing four-laning of the highway connecting Jetpur and Somnath in Gujarat.

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