Mumbai, March 4: Infrastructure major GMR Group will sell its 70 per cent stake in GMR Energy (Singapore) Pte Ltd (GMRE) to FPM Power Holdings Limited for Singapore $660 million (Rs 2,900 crore).
"GMR Group has entered into a share purchase agreement on March 4 to sell its 70 per cent interest in GMRE to FPM Power Holdings Ltd for a total equity value of Singapore $660 million," the company said in a statement.
Of this, FPM Power will invest Singapore $60 million in GMRE as balance equity, GMR said in a statement. The sale translates to an enterprise value (100 per cent basis) for GMRE of Singapore $1,612 million ($1.29 billion) on completion of the project by 2013. Full story
