GMR Group to divest 30% stake in Indonesia’s PT GEMS for $420 mn
Infrastructure conglomerate GMR Group will divest 30 per cent stake in Indonesia-based bituminous coal mining firm PT Golden Energy Mines (PT GEMS) for USD 420 million (around Rs 3,360 crore), according to a regulatory filing.
The divestment will give thrust to GMR’s non-airport business through reduction of leverage and give a platform for the growth of its clean energy initiatives.
GMR Coal Resources Pte Ltd (GCRPL), a step-down subsidiary of GMR Power and Urban Infra Ltd (GPUIL), has signed definitive pacts to offload the 30 per cent stake it holds in PT GEMS to PT Radhika Jananta Raya, an arm of PT ABM Investama Tbk (ABM), following a competitive bidding process, the filing said.
