GMR Power and Urban Infra to Divest Stake in Non-Operating and Stressed Assets for INR 653 Crores

GMR Power and Urban Infra Limited, through its subsidiaries GMR Energy Limited and GMR Generation Assets Limited, has signed a framework agreement with Synergy Investments Holding Limited to divest their respective stakes in GMR Bajoli Holi Hydropower Private Limited, GMR Vemagiri Power Generation Limited, and GMR Rajahmundry Energy Limited. This divestment is expected to enable the Company to meet the proposed One-Time Settlement with the lenders of GREL, de-leverage the balance sheet by approximately INR 4400 crores, and spin off the non-operational gas plants and stressed assets of the GMR Group. The consolidated consideration for the transfer of securities is INR 653 crores, subject to net working capital adjustments and other adjustments at the time of closing. Synergy Capital, the strategic investment manager and advisor that owns Synergy Investments Holding Limited, focuses on the industrial and infrastructure sectors globally and provides structured and innovative solutions across the capital spectrum.