Bangalore, 26th September 2011:
GMR has agreed to sell a 30% stake in GMR Energy (Singapore) Pte Ltd (GMRE) to PETRONAS International Corporation Ltd (PICL), a wholly-owned subsidiary of PETRONAS, subject to approval of lenders.
GMRE is developing an 800 MW Combined Cycle Gas Turbine (CCGT) Power Plant on Jurong Island, Singapore. The power generating facilities, featuring Siemens’ latest F-class gas turbines, will be designed and constructed by a consortium consisting of Siemens and Samsung. Fuelled by re- gassified LNG, the power plant is scheduled for commercial operations in 2013. GMR Supply Singapore Pte Ltd, a wholly owned subsidiary of GMRE, holding an electricity retail license in Singapore, will manage the electricity retail business.
PETRONAS is one of the largest groups in South East Asia with substantial resources in Oil and Gas. This relationship would pave the way for other possible opportunities between the groups in India as well as internationally.
Mr. G. M Rao, Group Chairman of GMR Group said
“This relationship between GMR and PETRONAS opens up powerful synergy going forward for both the Groups. It is symbolic of true South-South co operation and its immense potential in the energy market in the Region.”
Datuk Anuar Ahmad, Executive Vice President, Gas and Power Business of Petroleum Nasional Berhard said
“This acquisition marks PETRONAS Group’s maiden foray into the international power market, and is a major step in its effort to extend its existing integrated presence further along the energy value chain”
PETRONAS is the national oil and gas company of Malaysia and is wholly owned by Government of Malaysia. . PETRONAS Group is a fully integrated oil & gas company engaged in a broad spectrum of upstream and downstream oil and gas, and petrochemical operations and currently in over 30 countries, worldwide.
About GMR Group
The Company is a Bangalore headquartered global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 17 power assets of which 4 are operational and 13 are under various stages of implementation and 10 Road assets, of which 6 are operational and 4 are under construction. In the Airports sector, it has developed and commissioned the Greenfield International Airport at Hyderabad. The Company, besides operating the existing Delhi International Airport, has also built a brand new integrated terminal T3 which was commissioned in time for the Commonwealth Games in October 2010. It has also upgraded and is operating the Istanbul Sabiha Gökçen International Airport and recently acquired the Ibrahim Nasir International Airport in Male, the capital of the Maldives. The Company has also ventured into Sports and through its subsidiary, GMR Sports, owns the IPL promoted Delhi’s T-20 cricket team – the Delhi Daredevils. The Company is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 22 locations.
For Further details, please contact:
Manager – Media Relations
Tel: 080 - 40432507
E V P & Group Head – Corporate Communications
Tel: 080 – 40432059
For further information about GMR Group, visit www.gmrgroup.in