GMR Group adopts 'Asset Light' model strategy

"A drastic drop in the output of gas from KG basin has affected its plants on the East coast," he said.

"The power sector has been plagued with issues on gas availability due to which our plants also suffered. Right from the fuel (natural gas and coal) availability to discounts, distribution and realisation of receivables for the power supplied has affected us," he said.

Coupled with non-availability of gas, the capital market has been posing lot of challenges in terms of the ability to raise capital in the given business environment, Rao said.

"To fund the equity we had to borrow loans in lieu of the equity which also has put additional burden on our balance sheet," he said.

The net consolidated loss of the group, which builds airports, power projects and major roads in the country and abroad, had mounted to Rs 179 crore for the second quarter ended September 30.

Rao said the company believed that gas would be available shortly to the government initiative of price-pulling mechanism. "Once that is available I think the situation will improve," he said.

Responding to a query, GMR CFO (Airports) Siddharth Kapur said the company's outstanding from Kingfisher is almost Rs 64 crore.

"Out of Rs 64 crore only about Rs 20 crore is due on revenue account. There are overdues that needs to be settled. Of course now we have to figure out a way to get this

... contd.