New Delhi GMR Coal Resources Pte Ltd (GCRPL), a step-subsidiary of GMR Power and Urban Infra Ltd, has entered into definitive agreements to sell its 30% equity stake in PT Golden Energy Mines TBK (PT GEMS) to PT Radhika Janta Raya. for $420 million.
PT Radhika Janata Raya is a subsidiary of PT ABM Investma TBK.
Upon closure, GCRPL will receive a gross consideration of $420 million, a GMR statement said. In addition, GCRPL will also receive a deferred consideration based on a mutually agreed milestone. Transaction is subject to customary approvals as applicable.
Grandy Kiran Kumar, Corporate Chairman, GMR Group, said: “Based on our strategy to demerge and deliver balance sheets, this disinvestment will accelerate the non-airport business through reduction in leverage and develop our green space.” will provide a platform to undertake energy initiatives.”
“This disinvestment reiterates GMR Group’s strategy to focus on its core infrastructure business and exit from non-core businesses,” Kumar said.
The sale will strengthen GMR Group’s commitment to the ‘Asset Light Asset Right’ strategy and reduce the group’s carbon footprint, the company statement said.
PT Golden Energy Mines, established in 1997, is an Indonesia-based bituminous coal mine operator that owns five coal mining concession areas covering a total area of 66,000 hectares in South and Central Kalimantan, Jambi and South and West Sumatra in Indonesia. is and operates. GEMS has been listed on the Indonesia Stock Exchange since 2011.
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