GMR buys 50 per cent stake in InterGen

Bangalore: GMR, the infrastructure company with business presence in energy, airports, highways and urban infrastructure, announced that it has completed the acquisition of a 50 per cent stake in InterGen N.V. at a cost of $954 million.

InterGen has ownership interest in 12 power plants (including one power plant under construction in the Netherlands) located in the UK, the Netherlands, Mexico, Australia and the Philippines, with operational capacity of 8,086 MW and 4,680 MW under development.

GMR signed a definitive agreement to acquire Intergen on June 20. However, it could formally annex ownership of its equal equity holding only after fulfilling regulatory obligations. The actual transaction of payment was completed on October 9, said a company release.

GMR will be funding the cost of its 50 per cent stake in Intergen with debt arrangement from Axis Bank, ICICI Bank, Bank of India, Canara Bank, Bank of Baroda and Indian Bank Mr G M Rao, Chairman, GMR Group, said the acquisition was part of the group’s strategy to be a global infrastructure player.