Singapore based conglomerate Sembcorp Industries said it has increased its stake in India-focused renewable energy business to 72 percent for S$21.4 million.
Sembcorp through its wholly-owned subsidiary Sembcorp Utilities has subscribed to an entire rights issuance by Sembcorp Green Infra to fund the company's growth in the renewable sector in India, it said in a statement on Thursday.
The total investment in the rights issuance was financed through internal funds, it said.
Prior to this deal, Sembcorp owned 70.38 percent of Sembcorp Green Infra, while the remaining was held by IDFC Private Equity Fund III, according to its website.
Shares in the company were up 1.6 percent to S$3.01 on the Singapore exchange. Stock has gained 6 percent so far this year.