The Economic Times, 1 Sep 2008, Sangita Mehta & Dev Chatterjee
MUMBAI: India’s largest bank, State Bank of India (SBI), will offer Tata Power $1 billion to help it acquire Senoko Power, Singapore’s largest-power utility.
SBI had earlier funded the House of Tatas in its acquisition of UK steel company, Corus, and also in the deal to buy out Ford Motor’s luxury brands, Jaguar and Land Rover.
Temasek Holdings had put Senoko Power on the block in early August, in a deal which is expected to raise close to $3 billion. Temasek is expected to shortlist bidders in the first week of September after which those shortlisted will be allowed to carry out a due-diligence exercise. The entire sale is expected to be concluded by the end of 2009.
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