The Indian
Group that has been planning to construct Upper Karnali hydropower project may exit
some of its assets in Nepal, according to the news reports.
It is assessing
valuation of Nepal assets that could be in the range of Rs 1,000 crore Indian
Currency (IC), the reports claimed, adding that the GMR has two large projects
with 100 per cent stake in Nepal. "The project that they are currently working
on is Upper Karnali hydropower project that the GMR Energy and GMR
Infrastructure are co-developing and co-owning the hydel project. They have around
70 per cent to 80 per cent stake in the project.
But the
reports claimed that GMR has started talks with buyers like Morgan Stanley.
The
valuation is fairly substantial because the amount that they had put in into the
hydropower project was roughly around Rs 4500 crore IC to Rs 5000 crore IC and
they are looking at least Rs 1,000 crore IC.
GMR will
need to – at some point need – probably to temper its price down and bring it
to around Rs 8,00 crore IC, according to the reports.
The GMR has also
been looking at consolidating its road assets, if the reports are to be
believed. "So amongst their road assets there is one sell which is likely
to happen sometime."
The GMR has
been looking at selling the Vijayawada and Hyderabad highway project since last
eight-nine months, the reports quoted sources adding that Morgan Stanley
Infrastructure Fund has emerged as a likely frontrunner to buy that out in
valuations roughly around Rs 8,00 crore IC to Rs 9,00 crore IC. The overall
debt of GMR currently stands at around Rs 40,000 crore IC.
The partial selling of Nepal
assets is expected to bring them an interest saving of roughly around Rs 1,00
crore IC, if they get the valuation that they are looking at. "Even the
road assets as a whole should bring in some amount of interest saving as well,"
the reports in Indian media projected.
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