It is not yet confirmed whether the company has evaded tax.
Confirming the raids that began Thursday morning, the company issued a clarificatory note, saying that it is extending all assistance to the I-T officials. "We are confident that the officials will find our corporate practices and books satisfactory," the statement said.
"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," the statement said, adding, "We are confident that these on-the-spot checks will vindicate the same."
The search operations were conducted at the company’s Bangalore, Mumbai, Hyderabad and Delhi offices by the investigation wing of the I-T department.