GMR Infrastructure to sell stake

GMR Infrastructure plans to sell a major portion of its holdings in three toll projects in its efforts to reduce its debt, The company has an investment of around ?1800 crore in toll roads ? three toll roads and three annuity roads under operation spanning around 421 km. Another 309km of annuity-based toll roads are under construction. Further, there are three annuity-based assets under development, totalling around 309 km. Besides this, the company is building two toll roads in Tamil Nadu and Karnataka aggregating to around 260 km. Negotiations are on with companies who would be able to buy stake and run the toll roads on a long-term basis.