In January G. M. Rao's GMR Infrastructure terminated what was the country's biggest highways contract worth over $1 billion, citing delays in getting approvals. In a bid to reduce its $6.7 billion debt, it sold its stake in 2 highway projects recently. Reportedly, some investors, including Singapore's Temasek, have agreed to swap their preference shares of GMR for equity. The firm, which already runs 2 airports in Delhi and Hyderabad, plans to bid for the upcoming privatization of 6 airports. In July, he gave charge of listed company to youngest son Kiran Kumar Grandhi.