- LATEST
- WEBSTORY
- TRENDING
BUSINESS
Meet man who secured Rs 6300 crore from Abu Dhabi firm, runs Rs 86805 company, not Mukesh Ambani, Adani
He is an Indian billionaire with a net worth of Rs 28587 crore, as per Forbes.
Updated : Oct 23, 2024, 06:08 PM IST
 "Meet man who secured Rs 6300 crore from Abu Dhabi firm, runs Rs 86805 company, not Mukesh Ambani, Adani")
TRENDING NOW
)
'I will give you interview, but give me food': Meet 'king of B-grade films' who had no money, then became star, worked in 6 shifts, did 18 films together
)
Meet former Miss India who cracked CDS exam to become Indian Army officer, her AIR was...
)
Manoj Kumar had two sons, one was actor Kunal Goswami but who was the other one, what did he do for living
)
Meet world's richest woman ever, way richer than Mukesh Ambani, Gautam Adani, Elon Musk, made history by becoming..., her immense wealth was...
)
Ratan Tata's TCS loses Rs 110351 crore in just 96 hours after...; becomes biggest...
)
Casting couch scandals resurface: Tamil actress Shruthi Narayanan's viral video sparks fresh debate in film industry
)
Meet Jai Anshul Ambani, younger son of Anil Ambani and nephew of Mukesh Ambani, owns collection of luxury cars and aircrafts; his net worth is Rs...
)
How much salary does NSA Ajit Doval get? His facilities, allowances and perks will leave you shocked, check details
)
MS Dhoni's daughter Ziva studies in this school, know amenities, area, fees is Rs..., not Dhirubhai Ambani International School
)
Sebi imposes Rs 700000 fine on THIS company once owned by Anil Ambani, asks to pay amount within...
)
Indian-Canadian couple's dream wedding in Bengaluru turns tragic as colour bomb explodes on bride's back, watch viral video
)
'He has touched me after...': Hema Malini wanted her blouse to be stitched tight in Baghban for her scene with Amitabh Bachchan because..
)
After leaked casting couch video, Shruthi Narayanan's old statement about social media goes viral: 'You can't share everything, it might...'
)
Abhishek Bachchan flies out of Mumbai with mom Jaya Bachchan, niece Navya Nanda; fans ask 'where is Aishwarya, Aaradhya'
)
Saudi Prince MBS orders visa ban on 14 nations, including India, Pakistan due to...
Many Indian businessmen are successfully leading their companies. They continue to expand their businesses through investments in different firms and acquisitions. They also get loans and investments from other companies to expand their businesses. One such person is Grandhi Mallikarjuna Rao or GM Rao. He is the founder and chairman of GMR Group, a global infrastructure developer and operator based in India. He is an Indian billionaire with a net worth of Rs 28587 crore, as per Forbes.
One of his companies, GMR Airports Ltd, operates three airports in India -- Delhi, Hyderabad and Goa -- and two airports in the Philippines and Indonesia. The market cap of the company is Rs 86805 crore. Now, his GMR Group has secured Rs 6,300 crore debt funding from the Abu Dhabi Investment Authority (ADIA), the UAE's largest sovereign wealth fund.
The proceeds will be used for refinancing the debt of its promoter group entity GMR Enterprises Pvt Ltd (GEPL), the promoter of GMR Airports Ltd (GAL). In a release, GMR Group said it has executed an agreement with a wholly-owned subsidiary of ADIA for Rs 6,300 crore investment in the structured debt instruments of GEPL. The transaction is subject to compliance with certain conditions and regulatory approvals.
"Upon completion, GMR Group will use the proceeds of the transaction to refinance all external debt of GEPL, the promoter of GMR Airports Ltd. Also, upon the completion, the GMR promoter group's pledge on its shareholding in GAL will reduce significantly," the release said.
(With inputs from PTI)
