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

Law360, New York (September 17, 2013, 5:59 PM EDT) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.