Tuesday, September 27, 2011

India's GMR sells 30% Singapore unit to Petronas

NEW DELHI: India's infrastructure giant, GMR, will dispose 30% of its Singapore energy unit to Petronas InternationalCorporation Ltd (PICL).

The Bangalore-based GMR Energy (Singapore) Pte Ltd (GMRE)'s deal with Petronas was disclosed in statement issued on Monday, Sept 26 but the value of the transaction was not disclosed.

GMRE is developing an 800 MW combined cycle gas turbine power plant on Jurong Island, Singapore, slated for commercial operations in 2013.

"This relationship between GMR and Petronas opens up powerful synergy going forward for both the groups.

"It is symbolic of true South-South co-operation and its immense potential in the energy market in the region," said GMR group chairman G.M Rao.

The Economic Times on Tuesday reported that GMRE was building the gas-fired power plant on the island for US$1 billion (RM3.2 billion).

"This acquisition marks Petronas's maiden foray into the international power market and is a major step in its effort to extend its existing integrated presence further along the energy value chain," Datuk Anuar Ahmad, executive vice-president, Petronas Gas and Power Business was quoted as saying in the statement.

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