sweden - what we are talking here, page-6

Spec play yes, but not your normal one hit wonder project play.

I hate repeating myself but for the newbies.

2 projects in Mali, 1 in Swedan + more major projects on the way.

Royal Group is the Largest Stake Holder.
(Royal Group is one of the largest companies in UAE with strong Royal Family Ties.)

JV with the Royal Group, GMR owns 35%.
(The JV itself should value GMR well over $50M).

Now bring on any other small cap spec play and see if it can go toe to toe with GMR.. It will be a mis match, wrong weight division. GMR allowing the JV alone should be considered a mid cap play. I guess the market will give the due respect once Mali or Swedan starts delivery revenue.