New Delhi: GMR Group firms have entered into an agreement with its partners to divest 51 percent stake in its joint venture running a road project in Karnataka.
GMR Group will be able to pay debt of Rs. 1,077.97 crore and enhance liquidity by Rs. 85 crore through this deal.
"GMR Highways and GMR Infrastructure have signed a share purchase agreement with its joint venture partners to divest 51 percent stake in GMR OSE Hungund Hospet Highways Pvt Ltd (GOHHHPL)," reported the filling in BSE.
This is the third major divestment in GMR Group`s road portfolio. GOHHHPL operates National Highway Number 13, which is a 99 kms project in Karnataka. The project was bagged by GMR OSE consortium in 2010 on design, build, finance and transfer basis.