GMR Intrastructure
The Bengaluru- based infrastructure company completed sale of 30% stake in its Singapore-based subsidiary GMR Energy to Malaysian oil and gas major Petronas for about 50 million Singapore dollars (SGD). The stake sale, announced in September 2011, was done after getting approval from the lenders of GMR Energy. Petronas has also paid SGD 19 million equivalent towards the 30% shareholder loan contributed by GMR to date. Besides this, the Malaysian oil and gas major would also be contributing to future equity requirements of the project prorated to its 30% stake. In addition, Petronas International has become a joint sponsor of the project.
Related posts: