The GMR Group has completed the sale of its 70 per cent interest in GMR Energy (Singapore) Pte to FPM Power Holdings. The transaction was concluded on March 28 upon receipt of all necessary approvals. The stake sale transaction has helped realise Singapore dollar 594.6 million (Rs 2,605 crore).
The divestment of this stake results in a profit of S$314 million (Rs 1,376 crore) and releases capital amounting to S$357 million (Rs 1564 crore). FPM Power is a 60:40 joint venture established between First Pacific Company and Meralco Power Gen Corporation, a wholly-owned subsidiary of Manila Electric Company.