GVK Power and Infrastructure is planning to hive off its energy vertical into a separate company, ahead of a possible initial public offering (IPO) for the proposed company. The ground-work for the hive-off has begun, with the company bidding for oil blocks in the seventh round of the new exploration licensing policy (NELP). But plans for the IPO of the proposed company are yet to be finalised.
The asset base of the energy vertical is expected to touch Rs 12,000 crore after the completion of projects in the pipeline. GVK Power and Infrastructure is executing six power projects and two coal mine projects. It now wants to have a slice of the pie in oil and gas exploration as well and has hence bid for a couple of oil blocks under NELP-VII.
Read More in The Economic Times article.
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