GMR Group is planning to raise $100 million in private equity for its power business, apart from $515 million it collected this month, reports say, quoting a top official.
Bengaluru-based GMR is discussing with firms for the additional funding and hopes to clinch the deal by next month-end, Group Chief Financial Officer Subbarao Amarthaluru said.
It is expanding its Indian power capacity to 5,500 MW from 823 MW at an estimated cost of Rs.30,000 crore ($6.7 billion), and is building road projects worth Rs.5,000 crore, he said.
Unlisted GMR Energy, the power arm of the group, had raised $200 million in private equity from Singapore's Temasek Holdings in early April.
Presently, the group is renovating and running airports in New Delhi and Istanbul, and has been raising funds for its ventures. Last week, flagship GMR Infrastructure raised $315 million from share sale to institutions.
The funds raised through PE deals and share sale would be utilized over the next three years for ongoing projects, Amarthaluru added.
Source: RTT News