GMR Infrastructure eyeing power sector

Bangalore, July 24 (UNI) GMR Infrastructure Limited aimed at playing a major role in the power sector in the country and is looking forward to take up a ultra mega 4,000 MW projet in Sasan in Madhya Pradesh, besides a 1,000 MW mine pit project in Orissa.

Talking to newspersons here, GMR Group Director and GMR Power Managing Director B N V Rao said the company had signed a MoU with the Orissa Government for development of a coal mine for the 1,000 MW plant. The Orissa Government would take up the power project sanction with the Centre, he added.

Mr Rao, who was here in connection with the road show for GMR's IPO to raise Rs 800.97 crore to Rs 934 crore to fund various infrastructure projects taken up by the group, said the group had 12 projects either completed or under progress and more projects were being taken up.

Already running a special purpose vehicle for the Delhi International Airport Pvt Ltd since May this year, the company aimed at completing the remodelling of the Indira Gandhi international airport in Delhi by 2010, well in time before the Commonwealth Games. Similarly, work was also in progress for the Rs 1,670 crore greenfield Hyderabad International Airport project, he added.

The GMR IPO would open on July 31 with a total offer of 38,136,980 shares of Rs ten each on a 100 per cent book building basis, with the price band fixed at Rs 210 to Rs 250. With 60 per cent of the offer reserved for Qualified Institutional Buyers, the company would allot 30 per cent of the share to retail investors who enjoy a five per cent concession in price and would need to pay only 50 per cent of the value at the time of filing application with the balance to be paid after allotment.

The company had reported a turnover of Rs 1,090 crore in fiscal 2006, with the net profit earned being Rs 70.54 crore.

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