GMR Infra buys 50 % in InterGen for $1.1 billion

Mumbai: In the largest ever acquisition of a global energy utility by an Indian company, GMR on Wednesday announced the signing of a definitive documentation for the acquisition of 50 per cent stake in the U.S.-based InterGen N.V., a global power generation company.
The transaction is valued at $1.1 billion and GMR Infrastructure (Malta) signed the share purchase agreement with AIG Highstar to acquire the 50-per cent stake. The remaining 50 per cent is held by Ontario Teachers’ Pension Plan Board (OTPPB).
GMR is an infrastructure company with a presence in energy, airports, highways and urban infrastructure. InterGen has power plants across the U.K., the Netherlands, Mexico, Australia and the Philippines, with a total capacity of 12,766 MW.
GMR has an ambitious international business strategy whose focus sectors are energy, airports and aerotropolis (real estate development around airports).
GMR is developing airports in New Delhi, Hyderabad and Istanbul. According to Ashutosh Agarwala, CFO, Strategic Finance, GMR Group, “by 2010-11 airport infrastructure will account for 45-50 per cent of group revenues.”
26/06/08 The Hindu

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Categories: Airports Jun 2008, Foreign Jun 2008