GMR Infrastructure gains as Emco Energy put up for sale to reduce debt

MUMBAI: Shares of GMR Infrastructure gained momentum in trade after infrastructure conglomerate GMR decided to sell Emco Energy, which has a 600 mw power plant in Maharashtra, as part of an exercise to reduce debt.

GMR has mandated global investment bank JPMorgan to help sell the recently commissioned unit, several people with direct involvement in the discussions said. They add that early talks have been held with several global and local utility companies as well as infrastructure buyout funds.

At 10:25 a.m.; the stock was at Rs 20.95, up 1.45 per cent, on the BSE. It touched a high of Rs 21.15 and a low of Rs 20.55 in trade today.