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NEW DELHI : GMR Coal Resources Pte Ltd (GCRPL), a stepdown subsidiary of GMR Power and Urban Infra Limited, has entered into definitive agreements to divest the 30% equity stake it holds in PT Golden Energy Mines Tbk (PT GEMS) to PT Radhika Jananta Raya for $420 million.
PT Radhika Jananta Raya is a subsidiary of PT ABM Investama Tbk.
On closing, GCRPL will receive a gross consideration of $420 million, said a statement from GMR. Further, GCRPL will also receive a deferred consideration based on mutually agreed milestones. The transaction is subject to customary approvals as applicable.
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,” Kumar said.
The company statement said that the sale will reinforce GMR Group’s commitment towards ‘asset light asset right’ strategy and reduce the group’s carbon footprint.
PT Golden Energy Mines, established in 1997, is an Indonesia-based bituminous coal mine operator, owning and operating five coal mining concession areas in Indonesia covering an aggregate area of 66,000 hectares in South and Central Kalimantan, Jambi, and South and West Sumatra. GEMS has been listed on the Indonesia Stock Exchange since 2011.
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