GMR writes off Rs 450 cr on some global coal and airport assets

Bangalore based GMR Infrastructure Ltd, as part of its 'asset light, asset right' strategy, has written off global assets including coal mines and airport worth Rs 453 crore.

The company said it wrote off Rs 251 crore on account of impairment (reduction in company's stated capital) of assets in its South Africa-based coal mine subsidiary Homeland Energy Group, and another Rs 202 crore after it was forced out of the Male airport project.

GMR has locked horns with Maldivian government after it was forced out of USD 500 million Male airport project, seeking compensation of USD 800 million through legal proceedings in Singapore court.

The company has also been actively offloading non-core assets during the past six months as it sold 74 per cent stake in a highway project and 70 per cent stake in a power project in Singapore.

Read more about: gmr infrastructure
Story first published: Monday, June 10, 2013, 10:24 [IST]
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