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GMR, OSE granted $366m Indian road project

Indian developers GMR Infrastructure and Oriental Structural Engineers have been awarded a 19-year concession to build, operate and eventually transfer back to public ownership the 99km Hungund to Hospet stretch of highway in the southern Indian state of Karnataka.

GMR will hold a 51 percent equity stake in the project and OSE 49 percent. The R17 billion (€265 million; $366 million) project, on India’s National Highway 13, is aimed at easing traffic congestion and providing a boost to trade and commerce in Karnakata as well improving safety levels for travellers.

NH13: GMR's
9th road PPP

The award of the contract from the National Highways Authority of India followed a competitive bidding process involving a number of undisclosed domestic and international consortia.

The latest concession is GMR’s ninth Indian highway project, having completed six projects on schedule with a further two projects, comprising 211 kilometres in total, currently under development.

In separate news, various media reports have suggested that GMR is currently in talks to with private equity firms to raise around $322 million for its power business and a further $400 million for its airports division. The reports are unconfirmed.