New Delhi: Income Tax Department officials on Thursday raided the offices of GMR in multiple cities over suspected tax evasion by the infrastructure company.
The search operations in the Delhi, Mumbai and Bangalore offices of the company are being carried out by the I-T Department's investigation wing. GMR has confirmed the raids and a spokesperson said that the company was cooperating with authorities.
GMR Group was among the companies that anti-corruption activist Arvind Kejriwal sought a probe into, along with companies like India Bulls and Business Park Town Planners (BPTP).
Please find below the statement from GMR.
Bangalore, 11th October 2012: GMR Group would like to state that this morning; officials from the Income Tax department came to some of our offices to check our books. We are extending all assistance to the team of officials. We are confident that the officials will find our corporate practices and books satisfactory.
At GMR Group, we follow the highest ethical and legal standards in our businesses. As an Indian multinational Infrastructure Developer, we have businesses in Turkey, Singapore, Indonesia, Maldives, South Africa and Nepal besides India and have robust institutional measures to monitor as well as implement corporate governance of the highest order.
We are confident that these on-the-spot checks will vindicate the same.
About GMR Infrastructure Limited: The Company is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 16 power generation assets of which 6 are operational and 10 are under various stages of implementation and 10 road assets, of which 6 are operational and 4 are under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has upgraded and is operating the Istanbul Sabiha Gokcen International Airport and has also acquired the Ibrahim Nasir International Airport, Male. GMR Group is committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 22 locations.
For further information about GMR Group, visit http://www.gmrgroup.in/index.html