GMR Highways, a company owned by GMR Group, has signed a definitive agreement with India Infrastructure Fund (IIF), to divest 74 per cent stake in GMR Ulundurpet Expressways (GUEL).
GUEL operates the highway stretch of about 73 km from Tindivanam to Ulundurpet on NH-45 in the state of Tamil Nadu. The project commenced commercial operations in July 2009. GMR Group will receive a consideration of about Rs 222 crore for the sale of 74 per cent equity stake.
IIF emerged as the successful bidder in buying a majority stake in GUEL, which attracted strong interest from several major investors in India and abroad.