GMR completes acquisition of 50 percent stake in InterGen

October 14th, 2008 - 7:35 pm ICT by IANS  

New Delhi, Oct 14 (IANS) Infrastructure developer GMR group has completed the acquisition of 50 percent stake in InterGen NV, a power generation firm that owns 12 power plants around the world.In a regulatory statement, GMR group chairman G.M. Rao said the process was “consummated under highly tense market conditions, signifying GMR group’s strength in the market place”.

According to the statement, the deal had the support of Indian banking institutions, like Axis Bank, ICICI Bank, Bank of India, Canara Bank, Bank of Baroda and Indian Bank which stood by GMR “during these times of crisis, providing all support in completion of the transaction”.

“In these turbulent-market conditions, where the world is undergoing a major financial crisis, GMR was able to successfully close the transaction at a purchase of prices of $954 million,” it added.

Earlier, GMR and InterGen had signed the definitive agreements, following which it had to obtain anti-trust approvals in the US, Europe, Mexico, Australia and Philippines over the last three months.

The Netherlands-headquartered InterGen operates 12 power plants and has a total capacity of 12,766 MW.

The rest of the shares in InterGen is owned by Ontario Teachers Pension Plan, the manager of a pension fund of teachers in Ontario, Canada.

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