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GMR Infrastructure to divest non-core assets, land parcels

Tuesday, 04 Aug 2020
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GMR Infrastructure is working on disinvestment of non-core assets including land parcels and expects to yield value even from 50 percent of land monetisation. 
The land at strategic industrial locations will benefit from possible manufacturing dislocation from China. 
The plan is to divest large part of other assets identified as non-core divestment initiative. The company has 10,500 acre of port and industrial land and even 50 percent land monetisation could yield significant value.
The Group is in discussion with a large number of clients for monetisation of land in Kakinada Special Investment Region (SIR) in Andhra Pradesh. 
The government of Andhra Pradesh inked memorandums of understanding (MoUs) with Haldia Petrochemicals to set up a refinery-cum-petrochem project in 2,500 acre and with HPCL-GAIL consortium for petrochem complex in 2,000 acre land. 
In addition, a pact has been signed with a stainless steel manufacturer for 500 acre and an Australian Lithium Refinery for 100 acre. 
The port-based Kakinada SIR in the Krishna-Godavari basin has plans for an all-weather multi-purpose deepwater port, logistics park, petrochemicals cluster and eco-industrial park. A total of 4,650 acre area there has been notified as SEZs and utility and environment approvals are in place. 
However, in Kakinada SEZ, the company has continued its efforts for various government approvals and technical studies and added that demand for industrial parks is expected to revive to pre-COVID-19 levels.
The infrastructure has not been much affected in the region due to COVID-19 as the company was able to re-mobilise and begin work quickly as workers were from neighbouring areas and Hosur. 
About Krishnagiri SIR in Tamil Nadu, the infrastructure development in 275 acre is in progress with all approvals in place. 
The company is leveraging locational advantage to create cluster in aerospace, automobile, logistics, engineering and electronics sectors besides setting up a special investment region in joint venture (JV) with the Tamil Nadu Industrial Development Corporation (TIDCO). 
While the State Industries Promotion Corporation of Tamil Nadu (SIPCOT) will acquire 500 acre for their industrial park, it has leased 20 acre to Toyota Boshuku for their manufacturing plant. 
GMR Infrastructure’s consolidated net loss for Q4/FY20 narrowed to Rs 1,126.82 crore, as against Rs 2,341.24 crore loss in Q4/FY19.
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