"The group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth and lower credit ratings for some of its borrowings," GMR said.
The management is taking various initiatives including monetisation of assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt servicing in the next 12 months and to create sustainable cash flows, it added.
The airports business generated Rs 1,358.38 crore revenues during the third quarter while power segment revenues stood at Rs 145.74 crore down from Rs 430.54 corre in Q3FY18.
GMR currently runs international airports in Delhi and Hyderabad in India and in the process of constructing one in Goa.
The group along with Mewawide Constructions runs an international airport in the Philippines.
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