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Infrastructure conglomerate GMR Group will divest 30 per cent stake in Indonesia-based bituminous coal mining agency PT Golden Vitality Mines (PT GEMS) for USD 420 million (round Rs 3,360 crore), in line with a regulatory submitting.
The divestment will give thrust to GMR’s non-airport enterprise by discount of leverage and provides a platform for the expansion of its clear power initiatives.
GMR Coal Sources Pte Ltd (GCRPL), a step-down subsidiary of GMR Energy and City Infra Ltd (GPUIL), has signed definitive pacts to dump the 30 per cent stake it holds in PT GEMS to PT Radhika Jananta Raya, an arm of PT ABM Investama Tbk (ABM), following a aggressive bidding course of, the submitting mentioned.
GPUIL — a subsidiary of GMR Enterprises (GEPL) — holds experience within the power, city infrastructure and transportation sectors.
GCRPL will obtain a gross consideration of USD 420 million on closure, GPUIL mentioned in a submitting to BSE, including it would additionally get a deferred consideration primarily based on mutually agreed milestones.
The transaction is topic to customary approvals as relevant.
“This divestment reiterates GMR Group’s technique of specializing in its core infrastructure enterprise and exiting non-core companies,” GMR Group company chairman Grandhi Kiran Kumar mentioned.
PT ABM Investama Tbk is an Indonesia-based built-in power firm for strategic funding, engaged in offering built-in options throughout the mining worth chain.
(Solely the headline and movie of this report could have been reworked by the Enterprise Commonplace employees; the remainder of the content material is auto-generated from a syndicated feed.)
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