Live
- Nampally Court to Hear Nagarjuna's Petition Tomorrow
- PM Modi meets Maldives President Muizzu, assures of building 'brighter future' together
- JD(U) won’t even get 20 seats in 2025 Assembly polls: Prashant Kishor
- Engineer Rashid appeals to political parties not to form govt until J&K statehood restored
- RBI likely to maintain status quo as MPC meet begins, realty sector hopeful on repo rate
- 'I was nervous': Mayank Yadav on his T20I debut in Gwalior
- Plea in Supreme Court seeks restoration of statehood to J&K in time-bound manner
- iPhone 17 Air to Feature New OLED Technology: Details Leaked
- Navratri Day 5: Honouring Maa Skandamata - The Divine Mother of Kartikeya
- SAIL, BHP join hands to boost steel decarbonisation in India
Tenaga invests $300mn in GMR Energy for 30% stake
GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Limited (GIL), on Friday announced the allotment of 30 per cent stake to Tenaga NasionalBerhad, Malaysia (TNB), for a cash consideration of $300 million, implying an equity value of $1 billion (approximately Rs 6,665 crore).Â
​Hyderabad: GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Limited (GIL), on Friday announced the allotment of 30 per cent stake to Tenaga NasionalBerhad, Malaysia (TNB), for a cash consideration of $300 million, implying an equity value of $1 billion (approximately Rs 6,665 crore).
GEL and TNB had announced this strategic partnership in May 2016 and the allotment of shares marks the completion of this landmark transaction in the power sector, GMR said in a press release. Through this investment, GMR Infrastructure continues to reduce its corporate debt on an ongoing basis thus strengthening its balance sheet, attract foreign capital (both equity and debt) and demonstrate the strength of its underlying businesses and its attractiveness to various stakeholders.
“We are pleased to welcome onboard Tenaga NasionalBerhad as our strategic partner. This once again re-emphasises GMR’s commitment and ability to successfully execute strategic partnerships to create value for all its stakeholders,” said GBS Raju, Chairman of GMR Energy.
“This would provide a renewed impetus to our energy business and result in a stronger balance sheet enabling the company to capitalise on future growth opportunities. Indeed, coming as it does, in the wake of the government reforms, the investment from Tenaga Malaysia heralds the attractiveness of the Indian energy sector to the foreign investors.”
This foreign direct investment (FDI) from Tenaga NasionalBerhad is the first-of-its-kind in the Indian power sector and represents the underlying strengths of the industry in spite of the headwinds being faced over the last few years. The transaction is also expected to have a cascading effect on the Indian power sector and pave the way for more foreign investments, he added.
GEL now has a diversified portfolio of coal-based, gas-based and renewable (hydro and solar) power assets having a total capacity of 4,630 MW. The portfolio comprises an operating capacity of 2,300 MW and a pipeline capacity of 2,330 MW.
With the rich experience that TNB brings in, GEL would be well poised to pursue avenues for growth in future and create further value for all stakeholders, the company said in the release.
