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Sembcorp increases stake in India renewable energy business to 72%
SEMBCORP Utilities, a wholly owned subsidiary of Sembcorp Industries, announced on Thursday that it is increasing its stake in its India renewable energy business Sembcorp Green Infra, to 72 per cent for one billion rupees (approximately S$21.4 million).
Sembcorp Utilities has subscribed to an entire rights issuance by Sembcorp Green Infra to fund the company's growth in the renewable sector in India, including the portion of the rights issuance that was not subscribed to by its partner IDFC Private Equity Fund III.
The total investment was financed through internal funds.
As a result of the partner's non-participation in the rights issuance exercise, Sembcorp Utilities' stake in Sembcorp Green Infra has increased to about 72 per cent.
This is not expected to have a material impact on the earnings per share and net asset value per share of Sembcorp Industries for the financial year ending Dec 31, 2017.