GMR Infra to raise Rs 6,000 crore for cities around three airports

Group power company to raise Rs 3,000 cr separately

The Board of GMR Infrastructure today approved raising funds of up to Rs 6,000 crore via foreign currency convertible bonds and/or any other security.

Another GMR group company, GMR Power and Urban Infra, on Thursday had approved raising funds of up to Rs 3,000 crore.

The funds will be used for various infrastructure projects currently undertaken by the group. Group firm GMR Airports is developing airport cities on commercial land available around its airports in Delhi, Hyderabad, and Goa.

GMR Hyderabad Aerocity is being developed as a new-age smart business hub. The group, which recently sold several coal-based power projects, now has an installed capacity of over 3,000 Mw and is setting up renewable power projects.

The transportation and urban infrastructure division has four operating highway assets spanning over 1,824 lane kilometers. The group’s EPC business is working on the design and construction of the prestigious Eastern Dedicated Freight Corridor project of the Dedicated Freight Corridor Corporation of India. The group is also developing Special Investment Regions in India.