Sembcorp: Subsidiary to Acquire Additional Stake in India Renewable Power Unit for S$301 Million

By Saurabh Chaturvedi Features Dow Jones Newswires

A subsidiary of Sembcorp Industries Ltd. (U96.SG) has agreed to acquire additional stake in its India-based renewable power unit Sembcorp Green Infra Ltd. for about 301 million Singapore dollars (US$221.5 million).

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The additional stake purchase from IDFC Private Equity Fund III will increase Sembcorp Industries' holding in the India unit to 100% from 72% at present, the energy-to-marine conglomerate said in a stock exchange filing on Thursday.

Sembcorp Green Infra has close to 1,200 megawatts of wind and solar power capacity under its belt. Sembcorp Industries Chief Executive Neil McGregor said the deal strengthens the group's investment in renewables.

The proposed acquisition will be funded through a mix of internal funds and borrowings. The deal is likely to be completed in the first quarter of 2018.

Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

(END) Dow Jones Newswires

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August 30, 2017 21:18 ET (01:18 GMT)