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Sembcorp picks up remaining stake in Indian venture to become sole owner

Sembcorp Utilities (Sembcorp) entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures Pte Ltd to acquire the remaining 5.95 per cent stake in Sembcorp Energy India Limited (SEIL).

Following the completion of the proposed acquisition, Sembcorp will become the sole owner of SEIL.

The purchase price for the shares is about Rs 406 crore (approximately S$77 million) in cash, and is based on discounted cash flows and relevant transaction multiples.

The acquisition will be funded through a mix of internal funds and borrowings, the company said in a public statement.

Sembcorp’s India energy arm, SEILhas more than 4,300 Mw of thermal and renewable assets in the country.

Source: Business Standard