GMR Infrastructure Ltd is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. The company undertakes the development of the infrastructure projects through their various subsidiaries. The company is engaged in development of various infrastructure projects in power and transportation sectors through several special purpose vehicles.
The company, through subsidiaries, operates in four business sectors, namely energy, airports, highways and urban infrastructure. Their segments are Airports, which is engaged in development and operation of airports; Power, which is involved in generation of power and provision of related services, and exploration and mining activities; Roads, which is engaged in development and operation of roadways; EPC, which is engaged handling of engineering, procurement and construction solution in infrastructure sector, and Others, which includes urban infrastructure and other residual activities.
GMR Infrastructure Ltd was originally incorporated on May 10, 1996 as a public limited company with the name Varalakshmi Vasavi Power Projects Ltd in the State of Andhra Pradesh. On May 23, 1996, the company received their certificate of commencement of business. In September 1996, they signed power purchase agreement for Chennai Power Plant. In December 1997, they signed Power Purchase Agreement for Mangalore Power Plant. In December 1998, they started commercial operation of first generator of Chennai Power Plant.
In May 31, 1999, the company changed their name to GMR Vasavi Infrastructure Finance Ltd. In July 24, 2000, they again changed their name to GMR Infrastructure Ltd. In June 2001, the company commenced simple cycle operation of Mangalore Power Plant. In October 2001, they signed Concession Agreement for Tuni Anakapalli and Tambaram Tindivanam Road Projects. In November 2001, they commenced combined cycle operations of Mangalore Power Plant.
In June 2003, the company signed power purchase agreement for Vemagiri Power Plant. In July 2003, GMR Consortium was selected as developer of Hyderabad International Airport. In September 2003, they signed State Support Agreement for Hyderabad International Airport. In October 4, 2004, they shifted their registered office from the State of Andhra Pradesh to the State of Karnataka. In December 2004, they signed Concession Agreement for Hyderabad International Airport.
In October 2005, the company signed the Project Development Agreement for Alaknanda Hydro Project. In November 2005, they signed Concession Agreement for Ambala Chandigarh Project. In January 2006, the company received LOA from AAI for Delhi International Airport Project. In February 2006, they signed concession agreement for Faruknaga- Jadcherla road project. In March 2006, they signed Concession agreement for Adloor- Yellareddy road project.
In August 2006, the company came out the initial public offer and their shares were listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). In August 6, 2007, the company signed an MoU with TIDCO for a Multi Product Special Economic Zone in Krishnagiri District, Tamil Nadu.
In March 2008, GMR Infrastructure Overseas, S.L., Spain and GMR Energy (Mauritius) Ltd became subsidiaries of the company. In June 15, 2008, Delhi International Airport (P) Ltd, subsidiary of GMR Infrastructure Ltd commissioned the in-line baggage handling system for two of eight rows at the International Terminal (T2) of Indira Gandhi International Airport. In June 25, 2008, the company acquired 50% stake in InterGen N.V.
In April 1, 2009, the company hived off the construction business as a separate operating division of the company. In May 2009, GMR Group acquires 100% ownership of Island Power Project, Singapore. During the year 2009-10, the company won three new projects in the highways sector viz. Hyderabad - Vijayawada, Chennai ORR and Hungund - Hospet. They commenced the Engineering, Procurement and Construction (EPC) business as a separate operating division which mainly caters to the requirements for implementing the projects undertaken by the subsidiaries.
During the year 2010-11, the company through their subsidiaries took over the Male International Airport in Maldives and started the operations and development of the Airport. Homeland Energy Group Ltd, GMR Airport Developers Ltd, Aravali Transmission Service Company Ltd, Maru Transmission Service Company Ltd, GMR Airport Handling Services Company Ltd, Homeland Energy Corp., Homeland Energy (Swaziland) (Pty) Ltd and Homeland Mining & Energy SA (Pty) Ltd were incorporated by the company during the year.
In October 2010, the company forayed in to solar power and was awarded to set up 25 MW solar power plant in Gujarat. In November 2010, GMR divested their 50% shareholding in InterGen N.V. In August 2011, Pranesh Properties Pvt Ltd became a subsidiary of the company. Also, GMR Energy Ltd through their overseas subsidiary, entered into definitive agreements to acquire a 30% equity stake in PT Golden Energy Mines Tbk, a Sinar Mas Group Company in Indonesia.