GMR to exit sugar business

After Balrampur Chini announced that it is looking to exit from its sugar business, promoters of GMR group announced that it will exit from its 11,000 tonnes crushed per day (tcd) sugar business. The company has hired investment banker N M Rothschild to find suitors. According to some experts, GMR now wants to be only a pure play infrastructure player. GMR Holdings holds 74.8% stake in the company and expert to gain attractive valuations given the ongoing sugar shortage in the country which has increased imports of sugar to the tune of 2 million tones.