Hyderabad-based GMR Group, more in the news for its Istanbul, Hyderabad and Delhi airport projects, is planning an initial public offering (IPO) of shares for $500 million to fund its Ultra Mega Power Project (UMPP) and other power units that it is planning to undertake in the near future, a senior official of the group told the
Hindustan Times
.
He said GMR has also tied up with a private equity fund to raise $500 million to fund its energy acquisitions both in India and abroad.
The official, who did not wish to be identified, said the company can shed 10 per cent stakes through an IPO once the current volatility in the capital market eases and offers better valuations.
“It is early days yet. There is an internal financial rejig on the table, and there are a whole host of strategic initiatives which we are drawing up. It is still premature,” he said.
The group is eyeing power projects in India, Europe, North Africa, West Asia and Asia to increase its foot print in the power sector.
“We would bid for projects in Turkey. The country has a power deficit of 1,000 MW and is growing every year. The Turkish government has liberalised its power sector is planning to open it for private players to deal with the shortfall,” the official said. “There are a group of five to six power projects totalling about 16,000 megawatts to be thrown open for private sector investment. We would bid for these,” the official said.
{{/usCountry}}“We would bid for projects in Turkey. The country has a power deficit of 1,000 MW and is growing every year. The Turkish government has liberalised its power sector is planning to open it for private players to deal with the shortfall,” the official said. “There are a group of five to six power projects totalling about 16,000 megawatts to be thrown open for private sector investment. We would bid for these,” the official said.
{{/usCountry}}The group also plans to launch an ambitious project to build coal based costal power plants to serve peninsular India. The company already has firmed up coal linkages for some of these projects. GMR recently acquired a coal mine in South Africa for its thermal power plants.