India's GMR Sells $35M Highway Stake To Slash Debt

Law360, New York (September 17, 2013, 5:59 PM ET) -- GMR Group, one of India's largest infrastructure companies, said Tuesday it has sold its 74 percent stake in a toll road project to a private fund, the latest sign that the country's massive infrastructure push remains rocky for investors.

The India Infrastructure Fund, a $927 million pool managed by Indian investment firm IDFC, will pay about $35 million for the equity stake in the Ulundurpet Expressways project, said GMR, which will book a slim profit on its initial equity contribution of about $31 million. The road...
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