GMR Infra sets up subsidiary in Mauritius

GMR Infrastructure, which is currently scanning global opportunities in airport and power sectors, has set up a 100% subsidiary based in Mauritius to route its equity investments for its overseas ventures. The setting up of the wholly-owned Mauritius arm, GMR Infrastructure (Mauritius), is a move to put in place a structure that will act as an entry vehicle for its global aspirations. The company has incorporated the Mauritius subsidiary for its overseas operations on the advice of PwC.

Talking to ET, GMR CFO (corporate integration) A Subbarao said, “The Mauritius subsidiary will be the holding company for overseas projects. GMR Infrastructure’s equity investments in overseas projects will be routed through this subsidiary. We are witnessing exciting opportunities overseas. We have already made an entry overseas with our Turkey airport project. We have also set up a full-fledged office in London and put in place a separate team to guide international business. The new subsidiary is part of our international business strategy.”

The company, which shot into the spotlight by bagging airport projects in Delhi, Hyderabad and Turkey, is looking at opportunities in mid-sized airport development projects in Europe besides pursuing interest in global power ventures. To fuel these plans, GMR recently raised $1 billion via the qualified institutional placement process to fund its overseas forays.

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