GMR Infrastructure to sell stake in Indonesia mine to raise $400 million

GMR had acquired 30 per cent stake in PT GEMS for $550 million in March 2018

In order to reduce its debt fur­ther, GMR Infrastructure is pl­anning to sell a 30 per cent stake in its Indonesian coal mine to raise up to $400 million.

Bankers said PT GEMS coal mine stake, which has been recently relisted in the Indonesian stock markets, will be sold at a discount of at least 10 per cent as compared to the current market price.

"This can bring down net debt beyond corporate debt to Rs 18,000 crore versus Rs 30 billion of FY20 Ebitda (earnings before interest, tax, dep­reciation and amortization,” said a source close to the development. For the 2021-22