GMR Infrastructure on Monday said Malaysia&instant electric faucet Manufacturers039;s largest power utility player Tenaga Nasional (TNB) has agreed to pick a 30 per cent stake in power subsidiary GMR Energy’s select portfolio of assets for $ GMR Infrastructure on Monday said Malaysia's largest power utility player Tenaga Nasional (TNB) has agreed to pick a 30 per cent stake in power subsidiary GMR Energy’s select portfolio of assets for $300 million“The management committee of GMR Infrastructure (GIL) today approved the proposed primary capital investment by Tenaga Nasional Berhad (Tenaga) in GMR Energy (GEL).
The investment represents 30 per cent equity stake in a select portfolio of GEL assets on a fully-diluted basis for cash consideration of $300 million," the company said in a statement.The Bengaluru-based infrastructure major will use funds for reducing its corporate debt. Its net debt was Rs 41,000 crore as of last year. Tenaga is the largest power utility player in Malaysia with integrated presence across the value chain of power generation, transmission and distribution. With many of Indian power firms are in distress, the Malaysian utility GMR Energy will manage a balanced portfolio of coal-based, gas-based and renewable (hydro and solar) power projects, having a total capacity of 4,630 MW. This portfolio would have an operating capacity of 2,300 MW and pipeline capacity of 2,330 MW.
Tenaga has the right to invest in Chhattisgarh and other assets any time within the next five years.GMR Energy is expected to tap Tenaga's experience in improving performance of its operational assets and develop its under development pipeline of hydro and renewable energy assets.Tenaga said the partnership with GMR Group will come # with "significant opportunities to further develop renewable energy assets, in particular solar", and is in-line with its five-year plan to secure new generation capacity internationally.