NEW DELHI: GMR Infrastructure is currently planning on divesting some of its non-core assets in an effort to gain significant value, especially through the sale of at least 50 per cent of its real estate assets, according to the company’s recent investor presentation.
The firm even said that its land at strategic industrial locations will benefit from the possible manufacturing dislocation from China. “The plan is to divest large part of other assets identified as non-core divestment initiative,” the presentation said, adding that GMR has 10,500 acres of port and industrial land.
As for the company’s its Kakinada Special Investment Region (SIR) in Andhra Pradesh, it said that discusssions were going on with several clients for the monetisation of the land. “The Government of Andhra Pradesh signed MoUs with Haldia Petrochemicals Ltd to set up a refinery cum petrochem project in 2,500 acres and with HPCL-GAIL consortium for Petrochem complex in 2,000 acres land,” it said. In additiona, another pact has been inked with a stainless steel manufacturer for 500 acres and an Australian Lithium Refinery for 100 acres.
The port-based Kakinada SIR in the Krishna-Godavari basin has plans for an all weather multi-purpose deepwater port, a logistics park, a petrochemicals cluster and an eco-industrial park, it said. According to the firm, 4,650 acres there have been notified as SEZs and utility and environment approvals are already are in place. In Kakinada SEZ in Andhra Pradesh, however, the company has continued its efforts for various government approvals and technical studies it said, with demand for industrial parks expected to revive soon.