Sembcorp Industries to sell Indian coal power unit for 117 billion rupees
Add BT as a preferred source
Sharanya Pillai &
Uma Devi
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.
TRENDING NOW
Two-thirds of Sentosa Cove resales in the red, with average loss topping S$1 million since 2023
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
Vietnam seeks US$76 billion a year from capital markets to ease reliance on banks
