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GMR to invest Rs 35,000 Crore in five year for expansion
New Delhi, Aug 30: Infrastructure major G M R Group, which has undergone organizational restructuring is likely to invest Rs 35,000 core in the next five years for expanding in various sectors such as airports and power at home and abroad. “Our advisor’s have working with us to chart out future plans for us in areas such as power, airports and SEZs. We have already formulated a strategy, which will see us expanding both in India and overseas,” GMR Group Chairman G M Rao said.
He said the group was actively pursuing all possible opportunities in India and abroad. The group, which is currently working on major projects in power, airport and SEZs in India, is now looking to take up similar endeavours abroad, he said.
“For instance, in Turkey we are already presrnt in the airport project, and if the power sector is opened up there we will partake in it,” Rao said.
However, according to industry estimates, based the group’s onging projects and the total investments acress different sectors to easily touch Rs 35,000 crore by 2012. The group’s estimated investment in two airport projects in Delhi and Hyderabad are around Rs 14,000 crore. its investment in SEZ projects could be close to Rs10,000 crore and the power sector, where GMR has at least three plants coming up, can see a fund infusion of over Rs 8,000 crore.
GMR had recently signed an MoU with Tamil Nadu government for a 3,300 acre multi-product SEZ project at krishnagiri at an investment of Rs 2,300 crore. The totla development cost, including industrial and social infrastructure would be about Rs 11,000 crore.