http://www.themalaysianinsider.com/...temasek-in-talks-to-enter-indian-power-sector
The Malaysian Insider, 20 Jan 2010
Temasek in talks to enter Indian power sector
SINGAPORE, Jan 20 — Temasek Holdings — which recently exited the Singapore power industry by selling the three biggest generating companies here — may now be entering the power sector of Asian powerhouse India.
Indian conglomerate GMR Infrastructure — which has been trying to establish a presence in Singapore’s energy sector and earlier bid for the gencos here — is reportedly in advanced talks with Temasek to raise US$150 million by selling shares in its power unit GMR Energy.
Temasek is among a group of potential investors (said to include US fund Carlyle, ICICI Bank and IDFC Private Equity) with whom GMR is discussing an equity sale in GMR Energy, likely through a private placement.
Sources told BT that GMR’s negotiations with Temasek started about two months back, but there has been no update since. Temasek, when contacted, said it had nothing further to add at this point.
BT understands that GMR Energy is in charge of power projects back home in India, so any equity purchase which Temasek makes in GMR Energy will involve only Indian assets.
A Reuters report quoted sources saying that the proceeds from the equity sale will be used to partly fund GMR Energy’s plans to add 6,700 megawatts over the next five years to its current over-800 MW capacity. GMR Infrastructure’s CEO Raaj Kumar earlier said that the group would need about US$6.4 billion (RM21.8 billion) for this.
Separately, the Indian conglomerate’s international assets — like Island Power in Singapore, which is planning to build an 800 MW co-generation station on Jurong Island — comes under GMR International, which is also 50 per cent owner of US power giant Intergen.
BT reported last October that the long-delayed Island Power is now looking to import Indonesian natural gas for its project through gas importer Gas Supply Pte Ltd. A GSPL official said at that time that its negotiations with Indonesia “are progressing well”.
In India, GMR Energy currently operates three power plants — a 235 MW plant in Mangalore, a 200 MW plant in Chennai, and a 387 MW plant at Vemagiri in Andhra Pradesh.
The company is also developing power projects with 2,000 MW capacity in the states of Orissa and Chhattisgarh and another 1,200 MW of hydropower projects in Uttarakhand, Himachal Pradesh, Arunachal Pradesh, and Nepal. — Business Times Singapore
The Malaysian Insider, 20 Jan 2010
Temasek in talks to enter Indian power sector
SINGAPORE, Jan 20 — Temasek Holdings — which recently exited the Singapore power industry by selling the three biggest generating companies here — may now be entering the power sector of Asian powerhouse India.
Indian conglomerate GMR Infrastructure — which has been trying to establish a presence in Singapore’s energy sector and earlier bid for the gencos here — is reportedly in advanced talks with Temasek to raise US$150 million by selling shares in its power unit GMR Energy.
Temasek is among a group of potential investors (said to include US fund Carlyle, ICICI Bank and IDFC Private Equity) with whom GMR is discussing an equity sale in GMR Energy, likely through a private placement.
Sources told BT that GMR’s negotiations with Temasek started about two months back, but there has been no update since. Temasek, when contacted, said it had nothing further to add at this point.
BT understands that GMR Energy is in charge of power projects back home in India, so any equity purchase which Temasek makes in GMR Energy will involve only Indian assets.
A Reuters report quoted sources saying that the proceeds from the equity sale will be used to partly fund GMR Energy’s plans to add 6,700 megawatts over the next five years to its current over-800 MW capacity. GMR Infrastructure’s CEO Raaj Kumar earlier said that the group would need about US$6.4 billion (RM21.8 billion) for this.
Separately, the Indian conglomerate’s international assets — like Island Power in Singapore, which is planning to build an 800 MW co-generation station on Jurong Island — comes under GMR International, which is also 50 per cent owner of US power giant Intergen.
BT reported last October that the long-delayed Island Power is now looking to import Indonesian natural gas for its project through gas importer Gas Supply Pte Ltd. A GSPL official said at that time that its negotiations with Indonesia “are progressing well”.
In India, GMR Energy currently operates three power plants — a 235 MW plant in Mangalore, a 200 MW plant in Chennai, and a 387 MW plant at Vemagiri in Andhra Pradesh.
The company is also developing power projects with 2,000 MW capacity in the states of Orissa and Chhattisgarh and another 1,200 MW of hydropower projects in Uttarakhand, Himachal Pradesh, Arunachal Pradesh, and Nepal. — Business Times Singapore
