TNB To Subscribe New Equity Shares In GMR Energy For US$300 Million

Pocket News
May 10, 2016
171 Views

KUALA LUMPUR, May 10 – Tenaga Nasional Bhd (TNB) has entered into a conditional subscription agreement to subscribe new equity shares for US$300 million in GMR Energy Ltd (GEL) via its unit, Power and Energy International Ltd. This represented a 30 per cent equity interest in GEL for conditional subscription agreement to subscribe for new equity shares in GMR.

In a filing to Bursa Malaysia yesterday, TNB said the proposed subscription is in line with its ‘5-Year International Expansion Roadmap’ to secure new generation capacity internationally. It said at the time of TNB’s investment, GEL would comprise a portfolio of best-in-class power assets, with a total capacity of 4,630 MW.

In the meanwhile, TNB also said that India has a favorable economic outlook and stable political landscape, coupled with favorable demographics, a rapidly growing energy sector and cultural and strategic fit with Malaysia, creating an attractive investment opportunity.

It said India has a large and supply-constrained power market with demand spurred by the economic growth and we will be able to capture the long-term growth of the Indian electricity market. GEL is a part of GMR Infrastructure Limited, one of the largest diversified infrastructure conglomerates in India.

0
like
0
love
0
haha
0
wow
0
sad
0
angry

You may be interested

DAP Unveils Candidates List In Selangor For GE14
14 views
14 views

DAP Unveils Candidates List In Selangor For GE14

Rachel Yeap - April 22, 2018

PETALING JAYA, Apr 22 - DAP secretary-general Lim Guan Eng officially unveiled Selangor candidates list for the 14th general election (GE14) at its Bangi…

PBS Lodges Police Report On Claims It Quit BN
9 views
9 views

PBS Lodges Police Report On Claims It Quit BN

Pocket News - April 22, 2018

KOTA KINABALU, Apr 22 - The Parti Bersatu Sabah (PBS)s secretary-general Datuk Johnny Mositun today lodged a police report over an…

Ahead Of GE14, Bots Flood Twitter With Pro-govt Messages
6 views
6 views

Ahead Of GE14, Bots Flood Twitter With Pro-govt Messages

Pocket News - April 22, 2018

KUALA LUMPUR, Apr 22 - Just weeks before the 14th general election (GE14), automated accounts known as bots are flooding Twitter…

error: Content Is Protected !