Hyderabad - Infrastructure major GMR Group propose to develop airport city at Hyderabad airport with world-class facilities at a cost of Rs.750 crore.
It plans to an exhibition-cum-convention centre on about 50 acres of land comprising one lakh square meters area as part of the airport city.
The airport city proposed around Rajiv Gandhi International Airport, which GMR operates, will create 15,000 to 20,000 jobs.
A GMR team led by its chairman G. M. Rao Friday made a presentation before Chief Minister K. Chandrasekhar Rao and sought the government`s support for their plans.
Hyderabad: GMR Infrastructure on Thursday posted a Rs 593-crore loss on a consolidated basis for the quarter ended June 30 as against a net loss of Rs 326 crore in the same period last year, due to higher interest cost, depreciation and scrapping of user development fee by AERA at Hyderabad airport.
In a filing to the stock exchange, the company said its total income (including other income) during the period rose to Rs 2,796 crore from Rs 2,689 crore a year ago.
The company shelled out Rs 832 crore towards finance cost during the quarter against Rs 610 crore in the same quarter last year.
Kathmandu, Aug 12 : The Nepal government and India's GMR Group will now go ahead to build the 900 MW Upper Karnali project in the western part of the country. Nepal's Supreme Court Sunday vacated a stay order, paving the way for further negotiations on a Power Development Agreement (PDA) between the two sides.
Without the PDA, the project cannot move ahead. The Investment Board of Nepal (IBN), a government entity that facilitates mega projects including hydropower projects of 500 MW and above, will hold negotiations on the PDA with GMR Energy.
Bhubaneswar, July 11 : Infrastructure builder GMR Group Thursday said the second 350 MW unit of its coal-based power plant in Odisha has been synchronised with the grid.
The first unit of 350 MW of GMR Kamalanga Energy Limited (GKEL) at Kamalanga in Dhenkanal district, about 100 km from here, was declared commercially operational on April 30.
With this, the combined generation capacity of the GMR Group has reached 1,836 MW, the company said in a statement.
Male, June 18 : The Maldives anti-corruption watchdog has ruled out any corruption in the deal to award the country's only operational international airport to Indian infrastructure giant GMR group, a media report said Tuesday.
The $511 million project was abruptly cancelled by the Maldivian government in November 2012.
GMR Infrastructure on Monday confirmed that its subsidiary GMR Airports Ltd had acquired 17.03 per cent stake in Delhi Duty Free Services at Indira Gandhi International (IGI) Airport.
Delhi Duty operates, maintains and manages the airport's duty free outlets, under concession from Delhi International Airport Private Ltd (DIAL). It has a contract to operate, maintain and manage these duty free outlets for a 15-year period up to 2024-25.
Announcing the purchase, GMR Infra said, "GMR Airports, a subsidiary of GMR Infrastructure, has acquired 17.03 per cent equity stake in Delhi Duty Free Services...."
Bangalore-based infrastructure major, GMR Infrastructure Limited has said that it has recorded a net profit of Rs 579 crore during the fourth quarter till March 31, 2013.
The company had recorded a net loss of Rs. 366 crore during the same quarter of the previous financial year. The company recorded a profit after it sold its 70 per cent stake in GMR Energy Singapore Pte Limited (GESPL) to FPM Power Holding Limited in a deal valued at Rs. 1,231.25 crore.
Bhubaneswar, April 30 : Global infrastructure major GMR Group Tuesday said it has started commercial operation in the first unit of its 1,400 mega watt (MW) power plant in Odisha.
The power project in Dhenkanal district, about 100 km from here, is the group's second coal-based power plant to be declared commercially operational.
The group is setting up 4x350 MW coal-based power plant in the region in two phases of 3x350 MW and 1x350 MW, respectively.
"The first 350 megawatt unit of GMR Kamalanga Energy Limited (GKEL) was declared commercially operational today (Tuesday)," the company said in a statement.
After seeing some key exits over the past two months, infrastructure giant GMR is on the verge of losing another senior executive.
GMR has announced that its chief financial officer (CFO) Amarthaluru Subba Rao would step down sometime in July this year to pursue his career interests elsewhere.
In a statement to the Bombay Stock Exchange (BSE), the infrastructure group said, "Mr Subba Rao Amarthaluru, group chief financial officer, has decided to pursue his career interests elsewhere."
Bangalore-based infrastructure giant GMR, the operator of the airports in New Delhi and Hyderabad, has reportedly hired consulting firm McKinsey & Co to find a plan to cut costs.
A person with direct knowledge of the development said, on the condition of anonymity, that GMR Infra expects to cut costs by 5 per cent to 10 per cent from implementing the suggestions to be made by McKinsey.
The plan, which will involve control of capital spending via redesigning of projects and improvements in the engineering processes, is expected to take effect within the next few weeks.
Infrastructure giants GMR and GVK terminated their respective highway projects with National Highways Authority of India (NHAI) because they failed to collect equity required for the projects, and not because of long delays in environment clearances, NHAI Chairman R P Singh said.
Debt-laden infrastructure giant GMR has confirmed that it has put an end to its contract with National Highways Authority of India (NHAI) for the six-laning of the Kishangarh-Udaipur-Ahmedabad highway project.
In a statement to the stock exchanges, GMR said it terminated the contract due to NHAI's failure in obtaining the required environmental clearance for the project and in notifying the revised toll rate on this stretch.
Infrastructure giant GMR has announced that it has sought a compensation of more than $800 million from the Maldives government for the termination of Male International Airport contract.
The Maldives government had terminated the airport deal on 27th of November, and grabbed hold of the airport operations from GRM on the midnight of 7-8 December.
GMR Infra is reportedly preparing to sue Maldives government for cancelling Male International Airport contract.
Emerging reports say that GMR Infra wants a compensation of more than US$800 million from Maldives government, which forced the infrastructure giant to hand over the airport to the government. The infrastructure giant is also in discussions with lawyers to sue the island nation's government if it declines to give the compensation.
The Maldives government will take over the GMR Male International Airport (GMIAL) on the midnight of 7-8 December as the Singapore High Court upheld Maldives government's right to take back the airport from GMR, but there is no clarity yet on the amount of compensation that GMR will be given for evicting it mid-contract.
The Maldivian government has asserted that it would not honour the Singapore High Court's order that stayed the termination of GMR's airport contract.
Masood Imad, the Maldivian President's media secretary, alleged that the Singapore High Court's order was a wrong interpretation of law, and stressed that a court does not own the right to issue such an injunction against a sovereign state.
The government of Maldives has cancelled the contract of GMR Group for developing international airport in the country and as has asked the company to leave within one week.
GMR Infrastructure, one of the fastest growing infrastructure companies in India, expects the first result of its asset divestment to come in the next few months.
Without revealing details of the asset divestment plan, GMR Chief Financial Officer A Subba Rao said that the company would soon commence the formal process of offloading its assets in the next two to three months.
According to estimates, the net loss of GMR Infrastructure is expected to fall significantly form Rs 62.5 crore in the second quarter of previous financial year to about Rs 20.2 crore for July-September quarter of 2012.
The fall of 67.6 per cent in the net loss has sparked hopes that the company might be able to return to profitability soon. The company might report sales of Rs 2,199 crore, up 21.3 per cent from Rs 1,812 crore in the second quarter of 2011 financial year.
The income-tax (I-T) department raided the offices of Bangalore-based GMR Infrastructure on Thursday, a day after anti-corruption activist Arvind Kejriwal alleged that the company had controversial political connections.
I-T department officials raided offices of GMR Infrastructure across four cities, viz. Bangalore, Hyderabad, Mumbai and Delhi. Raids were conducted under the I-T Act's 132 & 133 sections, which enable officials to search and seize any documents and call for information.
GMR Group confirmed the raids and claimed that it was cooperating with the team of officials.
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