GMR eyes financial closure of power projects amid restructuring

GMR Infrastructure, one of India's largest property developers, is looking for financial closure of three power projects worth about Rs10,000 crore undertaken by its subsidiary GMR Energy in the next four months, even as it seeks to restructure its business.

"In next four months we are planning to achieve the financial closure for about Rs2,500 MW" for the projects, which bear a debt component of about Rs7,500 crore, Reuters quoted the group's chief financial officer A Subba Rao as saying.

The projects include a 1,200 MW power plant in Chhattisgarh, and a 600 MW unit in Maharashtra. The rest is in expansion plans at existing plants, he said.

Rao also said GMR Energy may raise capital from the market offering next year. "We are evaluating whether to go for private equity or an initial public offer. Most probably it may not happen before March 2010," he added.

GMR Infrastructure is planning to list its holding companies to raise Rs7,500 crore, which will be used to fund future projects and help the holding companies to grow. It will list its energy vertical first followed by the airport vertical.

GMR Infrastructure has decided to restructure its operations, creating four holding-cum-operational companies for airports, energy, roads and international business, which would be listed on the bourses in the next one to two years, according to a CNBC-TV18 report.