HYDERABAD: GMR Industries, the flagship company of the GMR group, has announced plans for major expansion involving investment to the tune of Rs. 1,000 crore over the next few years.

The company has achieved financial closure of the Rs. 263 crore new sugar complex coming up near Hubli, while it plans to add sugar complexes with co-generation and distillery in Maharashtra and Bihar at an estimated cost of Rs. 550 crore. In addition, plans are afoot to set up a unit to manufacture medium density fibreboard using surplus bagasse with an investment of Rs. 100 crore and an integrated dairy to improve farmers' non-agricultural income.

Addressing a press conference here on Thursday K. Narayana Rao, Managing Director, said the company had targeted to achieve Rs. 1,000 crore turnover by 2010-11 from the existing Rs. 350 crore. The expansion of the GMR sugar factory in Andhra Pradesh has been completed and it would be commissioned soon. GMR Industries registered a turnover of Rs. 79.46 crore during the second quarter ended September 30, 2006, marking a 14 per cent increase over Rs. 69.76 crore achieved during the corresponding period of the previous fiscal. The net profit stood at Rs. 10.10 crore against Rs. 10.86 crore.

GMR Infrastructure

Our Bangalore Correspondent writes:

GMR Infrastructure Limited (GIL) has posted a profit after tax of Rs. 70.10 crore for the half-year ended September 30, 2006, on revenues of Rs. 837.13 crore against Rs. 487.75 crore in the corresponding period last year.

The revenue for the period includes income from Delhi airport which stood at Rs. 249.36 crore.

Announcing the results, the Chairman and Managing Director of the company, G. M. Rao, said the growth momentum would get accelerated with the progress at the Delhi and Hyderabad international airports and GIL going in for new bids in the roads and power sectors.

Bid for power projects

Mr. Rao said the company had bid for new power projects in Maharasthra and Gujarat with estimated project costs of Rs. 1,257 crore and Rs. 634 crore, respectively.

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