GMR Power and Urban Infra Collaborates with Shree Naman Developers

On April 3, 2024, GMR Power and Urban Infra Limited informed in a stock exchange filing that the company, along with Shree Naman Developers Private Limited, had incorporated a new company in the name of “Portus Ventures Private Limited.”

Details of the Joint Venture

GMR Power and Urban Infra Limited, the GMR Group company, have incorporated a joint venture company partnering with Shree Naman Developers Private Limited.

The joint venture company, Portus Ventures Private Limited, was incorporated with the primary objective of carrying out the design, operation and maintenance of the superstructures on the land parcels at the Mumbai International Airport Limited (MIAL) Airport site with an authorised share capital of ₹1,00,000, divided into 10,000 equity shares of ₹10 each.

In the exchange filing, GMR Power and Urban Infra Limited stated that the company has subscribed for 2,600 equity shares at a face value of ₹10 each, constituting 26% of the total paid-up capital of the joint venture company for an aggregate cash consideration of ₹26,000.

The company further added that the above transaction is not a related party transaction, and the promoters or the promoter group do not have any interest in the transaction. The acquisition did not require any government or regulatory approval.

Latest Development at GMR Power and Urban Infra Limited

This year, in February, GMR Power and Urban Infra Limited made another significant development, in which the company entered into a binding agreement with Claymore Investments (Mauritius) Pte. Ltd for the acquisition of 42,04,16,542 (FortyTwo Crores Four Lakhs Sixteen Thousand Five Hundred and Forty-Two) Equity Shares of GMR Energy Limited (GEL) from Claymore Investments at a negotiated settlement price of ₹442 crore. The transaction increased the stake of GMR Power and Urban Infra in GMR Energy Limited to about 99.08%.

GMR Energy Limited is engaged in the development, operation, and maintenance of power projects, power generation, transmission, distribution, and electricity trading through its subsidiaries.

On April 4, 2024, the share price of GMR Power and Urban Infra opened at ₹50.90, touching the day’s high at ₹51.15, as of 11:23 AM on the NSE.

About GMR Power and Urban Infra Limited

GMR Power and Urban Infra Limited is a subsidiary of GMR Enterprises Private Limited (GEPL) and holds expertise in the sectors of energy, transportation and urban infrastructure.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.