Tata Power In Talks With GMR Infra To Acquire Its Stake In InterGen NV (08-Sep-2010)
Tata Power,India’s largest private power utility, is in talks with GMR Infra to acquire their majority stake in UK-based power generator InterGen NV, in order to scale up its global presence. The company is looking for all the possible options for acquisition within and outside India for capacity expansion but is keener on InterGen NV as it feels this deal could help the company to add the capacities at a faster pace as the company targets to scale up its capacity by more than eight-fold to 25,000 MW in the next seven years with an investment of Rs 70,000 crore.
Other bidders for the InterGen stake include China’s biggest electricity producer, Huaneng Group. However, if the deal goes through, Tata Power may require to pay at least $1.2 billion.
GMR Infra had in the year 2008, bought 50% stake in InterGen from a fund owned by American International Group for $1.1 billion and is now keen on selling its stake as it is not satisfied with the growth of the company. Ontario Teachers’ Pension Plan holds the remaining stake in the company with generation capacity of over 6,300 megawatts (mw).InterGen NVhas power plants in UK, Netherlands, Mexico, Philippines and Australia.
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