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GMR Infra completes stake sale in Singapore arm to Petronas

29 Dec 2011 Evaluate

GMR Infrastructure has completed sale of 30 percent stake in its Singapore-based subsidiary GMR Energy to Malaysian oil and gas major -- Petronas Power -- a subsidiary of Petronas International Corporation for about SG $50 million.

Earlier on September 26, 2011, GMR Infra had entered into agreements for the stake sale, but had not disclosed the financial terms.

Petronas Power has also paid about SG $19 million equivalent towards the 30 percent shareholder loan contributed by GMR Infrastructure.

Besides this, the Malaysian oil and gas major would also be contributing to future equity requirements of the project prorated to its 30 percent stake. In addition, Petronas International has become a joint sponsor of the project. 

GMR Energy is developing an 800 megawatt, gas-based power project on Jurong Island, Singapore, which will be set up by a consortium comprising Siemens and Samsung.

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