GMR Infrastructure said Friday it has acquired Singapore-based power utility Island Power for an undisclosed amount.
'GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power,' GMR Infra said in a filing to the Bombay Stock Exchange.
Island Power is currently developing an 800 MW power facility in Singapore. The project would bring in about $1.5 billion (Rs 72 billion) foreign direct investment in the country.
"Island Power will be GMR's first and flagship project in Singapore and the south-east Asia region, and we will be focusing our efforts on making this a success," GMR Group South East Asia Head Ng Quek Peng said.
The construction of the power plant would begin by fourth quarter of 2010 and is expected to be operationalised by 2013, the filing said.
GMR Group, which had bought an indirect 50 per cent control in Island Power in June 2008, has now acquired full and direct ownership of the Singapore energy development project, the filing said.
Shares of GMR Infra were trading at Rs 167.85, up 3.17 per cent on the BSE.
