Singapore-based Sembcorp Industries Ltd. on Friday said it has signed a pact to buy out its local partner Gayatri Energy Ventures Pte Ltd's stake in Sembcrop Energy India Ltd for Rs 406 crore.
The firm had first announced the deal on Dec. 4. Gayatri Energy holds 5.95 percent stake in Sembcrop Energy India.
"Further, to our announcement on Dec. 4, 2019, Sembcorp announces that its wholly-owned subsidiary Sembcorp Utilities has signed an agreement today with its local partner, Gayatri Energy Ventures Pte Ltd., a wholly-owned subsidiary of Gayatri Projects Ltd., to acquire the remaining 5.95 percent stake in Sembcrop Energy India," according to a Sembcorp statement.
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Sembcorp will now be the sole owner of Sembcrop Energy India—a leading and independent power producer in the country that is focused on growing a renewable energy portfolio. At present, it has a portfolio of thermal and renewable energy assets of more than 4,300 megawatt.
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“This acquisition will give Sembcorp full flexibility to evaluate and pursue an exciting range of growth opportunities in the renewables segment, while at the same time seeking the right equity window to list our India business or to pursue other capital recycling options,” Neil McGregor, group president and chief executive officer of Sembcorp Industries, said in the statement.
The acquisition is expected to be completed by the end of the year, subject to the satisfaction of certain conditions precedent, including approval of Gayatri Projects' shareholders.
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