GMR to pay Rs 620 cr for 50% in SA coal firm

GMR Infrastructure, the Bangalore-based infrastructure firm, is expected to pay around Rs 620 crore by September 2008 to acquire 50 per cent stake in a coal mining firm in South Africa. GMR Infrastructure, which is into development of airports, power projects and roads, through its wholly-owned subsidiary GMR Energy on Thursday said that it has picked up 5 per cent stake for Rs 60 crore ($15 million) in Homeland Mining & Energy in South Africa. Homeland Mining is a subsidiary of Homeland Energy Group of Canada.