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.
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.