GMR Infra powers up

Finally, after years of hunting, GMR found a buyer for its mounted 220 MW gas-based power plant in Andhra Pradesh’s Kakinada. The company has not revealed the name of the buyer but stated that it is to be sold for $63 million, which is lower than the cost of $90 million declared by the company.

This is a good move as the plant has not been generating power at this plant since 2013  due to shortage of natural gas.

As at 30th June 2017, the company’s energy sector posted a higher loss of Rs.180 crore v/s Rs.95 crore (YoY).

The stock price of GMR Infra is up in the green today at Rs.17, up over 1.5% and just Rs.5 short of its 52-week high of Rs.22.10.