India's GMR Group to raise $1b as it eyes turnaround

India's GMR Group to raise $1b as it eyes turnaround

The Rajiv Gandhi International Airport in Hyderabad managed by the GMR Group. The airport arm of the conglomerate is its best-performing business—making it easier to raise funds and pare debt. Photo: K. Sudheer/Mint

Indian infrastructure company GMR Group plans to raise at least $1 billion over the next two years to cut debt, repay investors in its airports business and prepare for a new phase of growth, its chief financial officer said on Monday.

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