India's GMR Inks $530M Singapore Power Project Stake Sale

Law360, New York (March 5, 2013, 4:00 PM EST) -- Indian infrastructure developer GMR Group divested its stake in an 800-megawatt Singapore power-generation project in a S$660 million (US$530 million) sale to a joint venture between Hong Kong holding company First Pacific Co. Ltd and Meralco Powergen Corp., the buyer said late Monday.

After the sale is finalized, subject to certain conditions, FPM Power Holdings will have a 70 percent stake in the S$1.6 billion gas-fired plant, which is currently 96 percent finished and set to go online around the end of this year. The remaining...
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