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
Singapore developer in limbo after Timor-Leste scraps major township project
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
MAS to remove mandatory financial advice for complex products for most retail investors
That ‘cheap’ Malaysia condo could cost Singapore buyers far more than they think
