Bangalore-based GMR Infrastructure plans to start looking selectively at possible new investments after a year of an investment holiday. The firm will expand its EPC, or engineering, procurement and construction, business to take on projects that other firms are developing, said Parmit Chadha, Chief Executive Officer for strategy and corporate development.
At present, the division only takes up work on projects being developed by GMR. Last year, as economic growth floundered and infrastructure projects ran into a funding crunch amid delays in securing government approvals and acquiring land, GMR put new investments on hold and sold some of its assets.
GMR said last month that it will sell its 70 per cent interest in?GMR Energy (Singapore) Pte to FPM Power Holdings for $600 million, and sell its coal mining assets in South Africa. GMR had a debt of Rs 30,588 crore in the half year to September. In February, GMR Highways, a unit of GMR Group, said it had signed an agreement with Macquarie SBI Infrastructure Investments to sell a 74 per cent stake in GMR Jadcherla Expressways for Rs 206 crore.