GMR Plans to Raise $1 bln from Private Equity, IPO

Hyderabad-based GMR Group is planning an Initial Public Offering (IPO) of shares for $500 million to fund its Ultra Mega Power Project (UMPP) and other power units that it is planning to undertake in the near future. GMR has also tied up with a private equity fund to raise $500 million to fund its energy acquisitions both in India and abroad. The company was recently in news for its Istanbul, Hyderabad and Delhi airport projects.