The GMR Group announced on Monday that it had completed the sale of its 70 per cent stake in GMR Energy Singapore to FPM Power Holdings for around Rs.2,605 crore. The transaction was concluded on March 28.
In a statement, the company said the divestment of this stake would result in a profit of Rs.1,376 crore, and would release capital to the tune of Rs.1,564 crore. “The sale before the year-end is a testimony to the group’s strategy for making profitable deals, by adopting the asset-light asset right approach,” Chairman G. M. Rao said.
