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Sembcorp Increase Stake in Sembcorp Energy India to 100%

Power News - Published on Tue, 10 Dec 2019

Image Source: Sembcorp
Sembcorp Industries announced that its wholly-owned subsidiary Sembcorp Utilities has entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures Pte Ltd, a wholly owned subsidiary of Gayatri Projects Limited, to acquire the remaining 5.95% stake in Sembcorp Energy India Limited. Following the completion of the proposed acquisition, Sembcorp will become the sole owner of SEIL.

The purchase price for the shares is approximately INR 4,060 million (approximately USD 77 million) in cash, and is based on discounted cash flows and relevant transaction multiples. There is also potential future earn-outs for GEVPL on the achievement of certain milestones by SEIL. The acquisition will be funded through a mix of internal funds and borrowings.

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Posted By : Arun Huidrom on Tue, 10 Dec 2019
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