The Bangalore-based company has received payment of Rs 1,740 crore for selling its stake.
"This divestment helps the group in capitalizing on equity release of Rs.1,740 crore, in addition to reducing the proportionate debt of Rs.1,412 crore carried in the balance sheet as well as guarantees to an extent of Rs.2,298 crore, a company release said.
We at GMR Group continue to focus on capital recycling, creating liquidity and enhance value by effective portfolio management under our ALAR (Asset Light Asset Right) Strategy. The efforts taken by the Group in recent times shall strengthen our Balance Sheet, said G.M. Rao, Group Chairman, GMR Group.