The GMR Group announced the successful completion of the divestment of its majority stake (74%) in GMR Ulundurpet Expressways Private (GUEPL) to India Infrastructure Fund (IIF).

IIF has earlier emerged as the successful bidder, in buying majority stake in GUEPL, which attracted strong interest from several major investors in India and abroad. GMR and IIF had signed a definitive agreement on Sept. 17, 2013 and the transaction was concluded on Feb. 17, 2014, upon receipt of all necessary approvals, and realization of sales proceeds amounting to Rs 2.20 billion.
 
The divestment of this stake releases capital amounting to Rs 1.98 billion and reduces the debt to the extent of Rs 4.50 billion from the consolidated balance sheet of GMR Group.

This is the second major divestment in GMR's Highways portfolio during this year. GUEPL operates the Highway stretch of about 73 km, from Tindivanam to Ulundurpet on National Highway No 45 from July 2009, which is to the south of Chennai in Tamil Nadu.

Madhu Terdal, Group CFO of GMR Group said, ''The completion of this transaction demonstrates the ability of the GMR Group to successfully implement its ''Asset‐Light‐Asset‐Right'' strategy, to optimize the value realization from mature Infra Assets. The focus of the Group continues to be creating liquidity and reducing our leveraged position, for the benefit of all stake holders.''