Meanwhile, GMR Infrastructure Ltd reported a consolidated net loss of Rs.638.33 crore for the third quarter ended on 31 December due to higher finance cost. The company posted a net loss of Rs.441.09 crore in the year ago period. However, GMR Infrastructure Ltd came out with a net loss of Rs.708.15 Cr for September, 2015 quarter. In that sense there is an improvement in its bottomline, speaking sequentially. Or this can be considered as a turnaround case. Income from operations during October-December quarter of the current financial year rose to Rs.2,761.39 crore from Rs.2,638.35 crore in the corresponding period of the last fiscal. Finance cost jumped to Rs.927.56 crore in the third quarter of current financial year from Rs.759.93 crore in the year ago period. During Q3FY15, the GMR Male International Airport Ltd (GMIAL) submitted claims of $803 million for the loss caused due to wrongful repudiation of the concession agreement for Male International Airport. GRM Infrastructure Ltd has interests in airports, energy, highways and urban infrastructure sectors. It has 15 power generation plants of which 8 are operational and 7 are under various stages of development. Very recently, GMR Chhattisgarh Energy, a group company of GRM Infrastructure Ltd, won the Talabira-1 coal block in Odisha at a negative bid of Rs 478 a tonne after nine hours of bidding. Incumbent holder Hindalco of the AV Birla group lost the block in the process and has the option to sell the infrastructure developed by it to GMR.. The Odisha mine, earmarked for the power sector, has extractable reserves of 28.77 million tonnes.
Moreover, the second phase of auction of coal blocks is expected to start with aggressive bidding. However, the bidding in the second phase is not likely to be as aggressive as in the first phase, when the government invited bids for 19 operational mines. The government is offering non-operational but soon-to-be producing coal blocks in the second phase. Companies offered aggressive bids in the first tranche as those were ready-to-operate mines.
The bidding will go on till March 8 for 11 coal mines, for which about 45 firms including Jindal Steel & Power, Adani Power, JSW Energy, GMR Energy, Hindalco Industries, Reliance Cement and Jaiprakash Associates have technically qualified. During the e-auction starting Wednesday, the bidder companies will have to quote lower than the ceiling price to bag the mine reserved for power sector]