GMR sells stake in Singapore venture to FPM Power
The GMR Group has signed up to sell its 70 per cent stake in GMR Energy (Singapore) Pte Ltd to FPM Power Holdings Ltd for S$660 million (about Rs 2,650 crore).
GMR said selling the stake would result in a profit of Rs 1,356 crore and would release capital of Rs 1,616 crore.
FPM Power will invest S$60 million in GMR Energy as the balance equity. The sale translates to GMRE enterprise value of S$1,612 million ($1,293 million) on project completion by this year-end.
The transaction is subject to approval from project finance lenders to GMRE and is expected to close by end of the month.