GMR Energy to raise $100 mn more

MUMBAI: The power unit of the GMR Group, an Indian road and airport developer, is seeking to raise an additional $100 million from private equity funds by June as the nation’s infrastructure build-up attracts foreign investment.

“We plan to raise $300 million, of which $200 million has already been tied up with Temasek,” A Subba Rao, CFO of Bangalore-based GMR Group, said on Monday. “We’re holding discussions with a few funds to tie up the balance of $100 million. Whatever we raise, that would meet the capital requirement of the company for more than two years.”

Temasek Holdings agreed last week to invest in GMR Energy to help expand power capacity more than eightfold.