Singaporean conglomerate Sembcorp Industries on Thursday said it has increased its stake in India-focused renewable energy, bringing its total ownership to 100 percent.
Sembcorp said it entered into an agreement to acquire IDFC Private Equity Fund III's remaining stake in Sembcorp Green Infra for about S$301 million, it said in a statement.
The acquisition will be funded through a mix of internal funds and borrowings, and payment will be settled in Indian rupees.
Sembcorp Green Infra is one of the largest renewable energy players in India and is present across seven states in the country.
It has close to 1,200 megawatts of wind and solar power capacity in operation and under development.
As at end-2016, the net asset value and net tangible asset value at Sembcorp Green Infra were
S$427.6 million and S$426.9 million respectively.
The deal is expected to complete in the first quarter of 2018.
Prior to this deal, Sembcorp owned 72 percent of Sembcorp Green Infra, while the remaining was held by IDFC.
Shares in the company were up about 1 percent to S$2.98 on the Singapore exchange. The stock has gained 5 percent so far this year.
