GMR Infrastructure Ltd plans to invest around₹350 crore to set up its first office park spread over 1 million sqft in Hyderabad in the next 3-4 years as part of its larger land monetisation plan, said a top company executive.
The New-Delhi based group, which operates Delhi and Hyderabad airports apart from other infrastructure businesses in India, has been looking to monetise several non-core assets including land parcels to bring down its mounting debt.
As of March 31, 2018, GMR Infrastructure’s total debt stood at around ₹20,000 crore. Following investment of around ₹8000 crore into the airport business in March this year by Tata Group and two foreign investment firms, GMR’s outstanding debt is likely to fell to about ₹12,000 crore, Sushil Kumar Modi, GMR’s group chief financial officer (strategic finance) had said.
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