GMR to Divest InterGen Stake to China Huaneng for $1.23bn

29 November 2010 (Last Updated November 29th, 2010 18:30)

India's GMR Group plans to divest its stake in the Netherlands-based power generation company InterGen to China Huaneng Group for $1.23bn. GMR is selling its 50% shareholding interest that it has acquired from AIG Highstar for $1.1bn, with a strategy to focus more on the home market, wh

India's GMR Group plans to divest its stake in the Netherlands-based power generation company InterGen to China Huaneng Group for $1.23bn.

GMR is selling its 50% shareholding interest that it has acquired from AIG Highstar for $1.1bn, with a strategy to focus more on the home market, which includes 6,000MW projects under development across the country.

This deal will help China Huaneng to expand its global presence by accessing InterGen's power plants located in the UK, the Netherlands, Mexico, the Philippines and Australia, with a total gross operational capacity of 8,146MW.

The sale is expected to close in the first half of 2011.