GMR Group completes sale of Singapore unit
Quotes

GMR Group completes sale of Singapore unit

Last Updated: Monday, April 01, 2013, 15:26
 
 Comment 0
 
GMR Group completes sale of Singapore unit
Mumbai: The GMR Group on Monday said that it has completed the sale of its 70 percent interest in GMR Energy Singapore to FPM Power Holdings for Rs 2,605 crore.

The transaction was concluded on March 28 after getting all the necessary approvals, the company said in a statement.

The divestment of this stake results in a profit of Rs 1,376 crore and releases capital amounting to Rs 1,564 crore, it said.

"The sale before the year-end is significant and a testimony to the group's strategy for making profitable deals, by adopting the asset-light asset right approach," Group Chairman G M Rao said, adding the deal has been concluded in four weeks since its announcement.

FPM Power is a 60:40 joint venture between First Pacific Company and Meralco Power Gen Corporation, a wholly-owned subsidiary of Manila Electric Company.

PTI



First Published: Monday, April 01, 2013, 15:26


Comments


comments powered by Disqus
BMW-X3
BMW-X3
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved