GMR Infra drops 6%; 3 firms in race to buy co's thermal power plant

NEW DELHI: Shares of GMR Infra dropped over 6 per cent in Tuesday's trade amid a report suggesting three firms - Adani Power, state-run Neyveli Lignite and Singapore-based Sembcorp Industries - are in the race to acquire majority stake in the company's 1,370-mw thermal power plant in Chhattisgarh.

Following the development, the stock fell 6 per cent to hit a low of Rs 20.95 on BSE.

According to an ET report, a consortium of lenders to the commissioned project operated by GMR Chhattisgarh Energy Ltd is looking to divest its stake under the strategic debt restructure (SDR) process.


The consortium led by Axis Bank in February last year converted the plant's Rs 2,992-crore debt into equity as part of the SDR plan for change in management. The banks own over 52.4 per cent stake in the plant and last week sought interest from global and domestic players to offload equity.

"Besides Adani Power, Neyveli Lignite and Sembcorp, some investors from the US and the UK are also likely to evince interest in the project," sources close to the development told ET.