GMR to bid $1.7 bn for Singapore power units
The infrastructure major is planning to place a $1.7 bn bid to acquire state-owned power assets, report Indulal PM & BSS Reddy.business Updated: Dec 09, 2007 21:35 IST
Infrastructure major GMR Infrastructure is planning to place a $1.7 billion bid to acquire state-owned power assets in Singapore. It has formed a consortium with Australian investment bank Macquarie and the sovereign Kuwait Fund for the purpose.
Singapore's state-owned investor Temasek Holding is selling its stakes in three power utilities: Tuas Power, PowerSeraya and Senoko. “We are in the race for the Singapore power assets. We have formed a consortium with Macquarie and Kuwait Fund and are placing a bid on December 12,” GMR group chairman GM Rao told Hindustan Times.
The Singapore government intends to sell these assets separately as the three units supply a major chunk of Singapore’s power. The transactions are expected to be completed by the end of next year.
GMR currently has eight power plants across the country. “We are positioning ourselves as a global player in power and infrastructure. The bids for power assets in Singapore are a part of our move in that direction,” Rao said.
The group had earlier made a failed attempt to take over European power major Globeleq's assets in Asia and Egypt.
Tata Power and Reliance Energy are also planning to bid for the Singapore assets. The Tatas were expected to place independent bids for the three power units, sources said. Sources close to Reliance Energy said the company was evaluating proposals. However, spokespersons of both Tata Power and Reliance Energy declined to comment on the issue.
Hong Kong's China Light & Power, Hongkong Electric, Japan's Marubeni and Singapore's state-linked Keppel Corp and SembCorp Industries are the other companies bidding for the units.