Gammon Infra to divest stake in 9 projects

Gammon Infra to divest stake in 9 projects

FPJ BureauUpdated: Friday, May 31, 2019, 10:56 PM IST
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New Delhi : Gammon Infrastructure has sold stake in 9 projects valued at Rs 6,750 crore to Brookfield and Core Infra India Fund, a deal that will fetch Rs 563 crore as well as reduce its debt by Rs 1,718 crore. The transaction, one of the largest asset sales at one go in the Indian infrastructure space, comes barely days after the government allowed highways developers to divest 100% equity in projects two years after the completion by making additional funds available for investment in projects. Of the nine projects in which Gammon Infrastructure Projects Ltd (GIPL), a step-down subsidiary of Gammon Infrastructure, sold its stake, six are road projects and remaining three are of power.

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