GMR eyes $500-mn investment in overseas airport projects
Last Updated: Sunday, November 13, 2011 - 18:58
Mumbai: Leading airport operator GMR on Saturday said it has an investment pipeline of USD 7-8 billion for the next three years, including USD 500 million for airport projects in the overseas markets.
"We have close to USD 7-8 billion projects that we have on our plate over the next three years. So next 3-4 years we are full on our plate," GMR Group CFO Subbarao Amrthaluru told reporters here at the WEF-CII organised India Economic Summit.
"In the airport sector we will continue to look at projects outside the country if they are profitable. But in other sectors, we are not looking at overseas projects," he added.
Amrthaluru said the group will invest USD 5 billion in the power sector, USD 2 billion in the roads projects and USD 500 million in airports.
Admitting that there are problems of funding in the power sector in general, he said, however that GMR projects have achieved financial closures. Amrthaluru further admitted that the power sector is saturated.
On road projects, he said, the company will cherry-pick projects as there is lot of competition.
On the airports sector, he said GMR, which runs four airports in Delhi, Hyderabad, Istanbul in Turkey and one in the Maldivian capital, will not be looking at any new projects in the country. The focus will be on overseas projects, but only profitable ones, he added.
The group has already bid for an airport project in Spain, but Amrthaluru declined to share details.
On his operational four projects, he said all of them are growing tremendously at about 15 to 20 percent annually. When asked about timing of taking the GMR Energy public, Amrthaluru said: "Time is not ripe for any such move. Moreover, there is no urgency to do so".
First Published: Sunday, November 13, 2011 - 18:58