Sembcorp signs a pact to buy the participation of the local Indian partner Gayatri Energy in the Indian unit
New Delhi, December 6 () Singapore-based Sembcorp Industries said Friday that it signed a pact to buy the stake of its local partner Gayatri Energy Ventures Pte Ltd in the Indian arm Sembcrop Energy India Ltd (SEIL) for Rs 406 Rs million
The company first announced the agreement to buy a 5.95 percent stake held by Gayatri Energy on December 4.
In addition, to our announcement on December 4, 2019, Sembcorp Industries (Sembcorp) announces that its wholly owned subsidiary Sembcorp Utilities today signed an agreement with its local partner, Gayatri Energy Ventures Pte Ltd (GEVPL), a wholly owned subsidiary of Gayatri Projects Limited (GPL), to acquire the remaining 5.95 percent of SEIL, said in a statement here.
Sembcorp will now be the sole owner of SEIL.
The energy arm of Sembcorp, India, SEIL, the leading independent energy producer in the country, focuses on the growth of a clean energy portfolio. Currently, SEIL has a portfolio of thermal and renewable energy assets of more than 4,300 megawatts.
Neil McGregor, president of the group and executive director of Sembcorp Industries, said: Since Sembcorp entered the fast-growing Indian energy market in 2010, Gayatri has been a valuable partner in our journey to become an established energy player with a solid track record in delivering commitments. This acquisition will give Sembcorp total flexibility to evaluate and search for a wide range of growth opportunities in the renewable energy segment, while looking for the right capital window to list our business in India or look for other recycling options. capital
Vipul Tuli, Managing Director and Country Chief of Sembcorp India, said: Sembcorp's acquisition of GEVPL's stake in SEIL reaffirms our long-term commitment to India. This transaction will allow us to drive faster growth and technological innovation in our wind and solar investments, while leveraging our base load assets, allowing us to grow as a reliable provider of clean and low-cost energy to meet growing energy needs. from India The acquisition is expected to be completed by the end of the year, subject to the satisfaction of certain preceding conditions, including the approval of GPL by shareholders. ANZ ANZ HRS