GMR exits Singapore power project for $ 532 million
GMR Group (GMRI.NS) said it would sell its 70 percent stake in the Island Power Project in Singapore to FPM Power Holdings for S$660 million.
March 05, 2013 / 10:37 IST
GMR Group (GMRI.NS) said it would sell its 70 percent stake in the Island Power Project in Singapore to FPM Power Holdings for S$660 million.
The group will net a profit of Rs 1356 crore from the sale, which it will use in its domestic energy business where it is currently developing power projects totaling 5,790 megawatts, GMR said in a statement on Monday.Also read: Duty hikes to up cost by 3-4 paise/unit, says JSW EnergyThe gas-fired Island project is currently 96 percent complete and is expected to start operations by end-2013, GMR said. Malaysia's Petronas holds the remaining 30 percent in the project.Shares in GMR rose nearly 4 percent in a weak Mumbai market ahead of the deal announcement.The cash-strapped Indian group has been looking to divest stakes in non-core assets since last year. Last month it sold a majority stake in a road project in India. GMR Infrastructure, a unit of the group, held net debt of nearly $7 billion at end-December and posted a net loss for the December quarter. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
