GMR Infrastructure signs agreement with Adani Power
5th Jul 2019

GMR Infrastructure has signed definitive Share Purchase Agreement with Adani Power (APL) for the sale of the entire stake 47.62% in GMR Chhattisgarh Energy (GCEL), held by its wholly owned subsidiary GMR Generation Assets (GGAL).

The Consortium Lenders of GCEL adopted the ‘Change in Management’ as a Resolution Plan (RP) in accordance with the Guidelines issued by Reserve Bank of India. The lenders followed a detailed bidding process and selected APL as the final bidder. GCEL has received 100% approvals of all Lenders for implementation of the RP.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.