GMR Power and Urban Infra Limited — Others, 08-01-2025: Giving guarantees/indemnity/ becoming a surety for third party

GMR Power & Urban Infra Limited has announced a board meeting to extend a corporate guarantee of Rs. 440 crore for each of its three special purpose vehicles (SPVs) involved in a smart metering project with IREDA. This initiative supports their project to install 75.69 lakh smart meters in Uttar Pradesh, with a total project cost of Rs. 3,467.02 crore, funded by a mix of debt, equity, and internal accruals. Once shareholder approval for this related party transaction is secured, the company will extend the guarantee for the remaining project financing. This move indicates a solid commitment to the project, potentially enhancing operational capabilities and investor confidence in GMR’s growth strategy.