Bangalore-based infra major GMR Infrastructure Ltd has completed divestment of 50 per cent stake in global power generation company InterGen to China Huaneng Group (CHG), said the company.
Indian infrastructure group GMR on Wednesday agreed to buy half of US power producer InterGen for about $1.1bn from an investment firm backed by American International Group and Highstar Capital.
Bengaluru-based GMR Infrastructure bought 50 per cent of InterGen in 2008 for USD 1.1 billion from a fund owned by American International Group Inc.
In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure has bought 50 per cent in the Netherlands-based power generation company, InterGen NV for $1.1 billion (approximately Rs 4,694 crore).
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange. Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
GMR Infra's exit from this project, expected this year, will mark the company's waning global presence after a very aggressive expansion.
Infra major GMR is hopeful of maintaining strong order book.
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