GMR to raise $300 million through PE route

Business Standard reported that GMR Infrastructur is rethinking its move to raise $300 million through the private equity (PE) route to fund the expansion of its highways business.

The company has been in discussions with number of global PE players, including Standard Chartered Private Equity and 3i Group.

GMR Infrastructure has been looking to raise private equity to fuel its highways business, which towards the end of last year bagged a contract worth Rs 7,700 crore to upgrade a national highway connecting Gujarat and Rajasthan.

The company has to infuse Rs 2,300 crore as equity for this project over three years, while the rest, Rs 5,400 crore, has been tied up from a consortium led by IDBI.

Source: Business Standard.