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GVK group plans to raise over Rs 3,000 crore

 The Hawk |  2015-06-27 08:00:51.0  0  Comments

New Delhi: Diversified group GVK Power & Infrastructure plans to raise more than Rs 3,000 crore by listing its airports arm. GVK group is the developer of the Mumbai and Bangalore airports. Sources said the group is looking to come out with an initial public offering of its airports arm -- GVK Airport Developers Ltd. Through the listing, it aims to raise over Rs 3,000 crore, they added. When contacted, a GVK group spokesperson confirmed plans to raise funds but did not disclose specific details. GVK Power & Infrastructure reported a consolidated net loss of Rs 834.68 crore in the year ended March 2015. This figure is after calculating taxes, minority interest and share of profit/(loss) of associates. During the same period, its income from operations stood at Rs 3,049.65 crore. GVK has developed Chhatrapati Shivaji International Airport, Mumbai and Kempegowda International Airport, Bengaluru handling 44 million passengers per annum and are developing two airports in Indonesia, according to its website. The group has interests in diverse sectors including airports, energy, resources, transportation, hospitality and life sciences. PTI

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