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Sembcorp Industries to sell Indian coal power unit for 117 billion rupees

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Sharanya Pillai
Uma Devi

Sharanya Pillai &

Uma Devi

Published Mon, Sep 5, 2022 · 07:20 PM
    • The unit, Sembcorp Energy India Limited (SEIL) is one of the largest independent power producers in India, operating two coal-fired plants.
    • The unit, Sembcorp Energy India Limited (SEIL) is one of the largest independent power producers in India, operating two coal-fired plants. PHOTO: PIXABAY

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    SEMBCORP Utilities, a wholly-owned subsidiary of Sembcorp Industries , has entered an agreement to sell its 100 per cent stake in its India-based coal power unit for 117 billion rupees (S$2.1 billion) to Tanweer Infrastructure.

    The unit, Sembcorp Energy India Limited (SEIL), is one of the largest independent power producers in India, operating 2 coal-fired plants totalling 2.6GW. The S$2.1 billion price tag is at an implied price-to-book multiple of 1 time, Sembcorp said in a bourse filing on Monday (Sep 5).

    The buyer, Tanweer, is indirectly owned by a consortium led by the Oman Investment Corporation (OIC) in partnership with the Oman Ministry of Defence Pension Fund and Dar Investment. 

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