GMR Infrastructure, which has presence in aviation, roads and power sectors, is in talks with a clutch of private equity funds, including Goldman Sachs India fund, to sell a minority stake in its energy company GMR Energy for a capital infusion of R500 crore.
The talks are now centered on the valuation. While PEs have demanded 8 % stake in the energy company, GMR is seeking higher valuation showing its interest to offload just 5% in the company for the same amount, sources close to the development said.
It is understood that GMR and Pes have had a few rounds of talks with private funds. Sources who don?t wish to be identified told FE that a lucrative deal between the two parties could be concluded fast if they reached a consensus on the valuation issue.
When contacted, a GMR spokesperson denied having held talks with PE players. GMR Energy has presence in power projects spanning across gas-based, hydro, renewable and coal-fired power projects across India.
The company is also facing problems with its Energy business. With gas availability being constrained, GMR has not been able to operate its power plants at full capacity. The company has power plants across the country having 835.6 MW capacity and 7,078 MW capacity in under pipeline. GMR also suffered loss of revenue in its energy sector due to floods in its South Africa coal mine.
GMR Infrastructure is also reportedly in talks with PE investors to raise around R1,000 crore through stake sales in some of its road projects. It is learnt to be in talks with SBI Macquarie, 3i Group, Standard Chartered Pvt Equity, Blackstone and IDFC Project Equity for a possible stake sale.
