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GMR Infra sells 30% in energy arm to Tenaga for rs. 2,000 crore

GMR Infra sells 30% in energy arm to Tenaga for rs. 2,000 crore
11 May 2016 Current Affairs: Bengaluru-based GMR Group will disinvest 30 per cent in its 10 energy assets to a Malaysian power utility for $300 million (Rs 2,000 crore).

The management committee of GMR Infrastructure Limited (GIL) on Monday approved the primary capital investment by Tenaga Nasional Berhad (Tenaga) in GMR EnergyLimited (GEL).

The Malaysian power giant would have the right to invest in other assets, including the Chhattisgarh power plant, Indonesian power assets and others at any time within the next five years. The group was awarded Ganeshpur coal block for the 1,370-megawatt (Mw) Chhattisgarh power plant in e-auction last year.Tenaga will also appoint their executives in the senior management of GMR Energy during the development and operation stage of the projects it has picked up stakes in.

In December, GMR Infrastructure raised another Rs 2,000 crore from Kuwait Investment Authority (KIA) which was the largest bilateral investment between India and the West Asian country in recent times. The Kuwaiti authority subscribed to GMR’s 60-year-long Foreign Currency Convertible Bond (FCCB) due 2075.The group has been following an asset-light strategy and has been on a capex holiday, except for select opportunities in the airport sector, for the past few years.In the past few years, it has divested five assets releasing Rs 3,800 crore equity and reducing liabilities by Rs 6,200 crore.

Tenaga is the largest power utility player in Malaysia with a presence across the value chain of power generation, transmission and distribution.

GEL manages a portfolio of coal-based, gas-based and renewable (hydro & solar) power projects, of 4,630 Mw. This portfolio would have an operating capacity of 2,300 Mw and pipeline capacity of 2,330 Mw.


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