GMR Infra to divest stake in Island Power

13 September 2011 (Last Updated September 13th, 2011 18:30)

GMR Infrastructure is expected to sell a 30% stake in its Singapore-based Island Power. The company acquired 100% ownership in Island Power in 2009 from InterGen, in which it bought 50% stake in 2008. GMR is currently constructing an 800MW natural-gas-fired plant worth $1bn an

GMR Infrastructure is expected to sell a 30% stake in its Singapore-based Island Power.

The company acquired 100% ownership in Island Power in 2009 from InterGen, in which it bought 50% stake in 2008.

GMR is currently constructing an 800MW natural-gas-fired plant worth $1bn and raised $820mn to finance the plant in July.

The company is in talks with potential investors for its stake in the power arm, reports the Financial Express.