GMR Infrastructure divests stake to Chinese company
Wednesday, 13 April 2011, 06:53 IST
Printer Print Email Email
New Delhi: GMR Infrastructure Tuesday said it had completed the divestment of 50 percent stake in power generation firm InterGen to China's Huaneng Group for over $1.2 billion. "The transaction is completed after obtaining various regulatory approvals in each of the jurisdictions where InterGen has operations as well as approval of the government of people's republic of China," the company said in a regulatory filing. With the completion of this transaction, the debt liability of GMR Group reduces to $1 billion; it would release $225 million as equity that can be utilised for future investments by the group. "The completion of the sale of our interests in InterGen increases our capacity to focus on developing infrastructure projects in our core markets, where we have an exceptional track record of value creation," said G.M. Rao, group chairman, GMR group. "We are confident Huaneng will be a strong shareholder for InterGen as it continues the next phase of its growth plan," he added. Huaneng Group is the second largest power generation company in the world.
Source: IANS
siliconindia