GMR completes sale of interest in InterGen

GMR Group has announced the completion of sale of its 50 per cent interest in InterGen NV to a consortium led by Chinese power sector firm Huaneng Group for a total consideration of $1,232 million.

The transaction was completed after the group obtained various regulatory approvals in the jurisdictions where InterGen has operations as well as from the Chinese Government.

It would reduce GMR Group's debt liability to the tune of $1 billion and release $225 million as equity that could be utilised for future investments.

GMR Group Chairman G. M. Rao said the completion of sale of interest in InterGen increased the firm's capacity to focus on developing infrastructure projects in core markets.

Huaneng, he hoped, would be a strong shareholder for InterGen as it continues the next phase of its growth plant.

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Printable version | Jan 23, 2022 3:37:05 AM |

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