NEW DELHI: GMR Energy, a subsidiary of GMR Infrastructure LtdBSE -4.12 % (GIL), on Friday said it has sold 30% stake in the company to Malaysia’s Tenaga Nasional Berhad for $300 million or about Rs 2,000 crore.
GMR InfrastructureBSE -4.12 % and its associates now hold 52.14% stake in GMR Energy while private equity investors including Temasek Singapore and IDFC hold 17.86%. The allotment of shares marks the completion of the deal which was announced in May this year, the company said in a statement.
“This would provide a renewed impetus to our energy business and result in a stronger balance sheet, enabling the company to capitalize on future growth opportunities.” GBS Raju, chairman of GMR Energy, said. “Indeed, coming as it does, in the wake of government reforms, the investment from Tenaga Malaysia heralds the attractiveness of the Indian Energy sector to the foreign investors.”
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Source: Economic Times
