GMR sells stake in PT Golden Mines of Indonesia for Rs.3,340 Cr
GMR Coal Resources has entered into agreements to disinvest the 30 percent equity stake it holds in PT Golden Energy Mines Tbk.
NEW DELHI: GMR Coal Resources Pte Ltd ("GCRPL"), a stepdown subsidiary of GPUIL, has entered into definitive agreements to disinvest the 30 percent equity stake it holds in PT Golden Energy Mines Tbk.
Following a comeptetive bidding process, it was decided, on Wednesday, that the shares would be sold to PT Radhika Jananta Raya, a subsidiary of PT ABM Investama Tbk.
On closing, GCRPL would receive a gross consideration of USD 420 million. Further, GCRPL would also receive a deferred consideration based on mutually agreed milestones. The transaction was subject to customary approvals as applicable.
Commenting on the divestment, Grandhi Kiran Kumar, Corporate Chairman, GMR Group, said: "Coming on the back of demerger and our strategy to deleverage balance sheet, this divestment would provide impetus to the non-Airport business through reduction of leverage and provide a platform to grow our green energy initiatives. This divestment reiterates GMR Group's strategy of focusing on its core infrastructure business and exiting non-core businesses."