GMR Infrastructure Ltd has completed the sale of 30 per cent stake in its Singapore subsidiary GMR Energy (Singapore) Pte Ltd to Malaysian State-run oil company Petronas Power Sdn Bhd, a subsidiary of Petronas International Corp Ltd, for SGD 30 million ($38.54 million or Rs 209 crore), the company has said in a statement today.
The deal was announced in September this year but GMR disclosed the financial details only now. Transfer of the shares to Petronas Power was completed on December 27. Petronas also paid SGD 19 million ($14.64 million), equivalent to the 30 per cent shareholder loan contributed by GMR to date.
The Malaysian oil and gas major would also be “contributing to future equity requirements of the project prorated to its 30 per cent stake. In addition, Petronas International has become a joint sponsor of the project,” the statement added.
At 2:22 pm, shares of GMR Infra were trading at Rs 19.70 a unit on the BSE, down 1.01 per cent from the previous close.
GMR Infrastructure is a holding company, formed to fund the capital requirements of various infrastructure projects in the GMR Group’s energy, highways and airport businesses. It undertakes the development of infrastructure projects through its various subsidiaries.
The Singapore arm of GMR is currently developing a gas-based power project on Jurong Island, which has a capacity of 800 MW. The power-generating facilities will be designed and constructed by a consortium including Siemens and Samsung. It will be fuelled by re-gassified LNG and commercial operations are scheduled to start in 2013.