GMR acquires 50 pc in Netherlands-based company for Rs 4,730 cr

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Mumbai, Jun 25 (UNI) GMR Infrastructure Limited today announced its acquisition of 50 per cent stake in Netherlands-based power generation company -- 'InterGen NV' -- for Rs 4,730 crore (USD 1.1 billion).

The Company signed the share purchase agreement with AIG Highstar to acquire the stake in InterGen, it said in a communion to the stock exchange. Ontario Teachers Pension Plan holds the other half of the power company, which operates in five countries.

''This acquisition will provide us a platform to expand in InterGen's existing and new geographies of strategic importance to both GMR and Teachers,'' Group Chairman G M Rao said.

InterGen has ownership interest in 12 operating power plants, including one under construction, with a gross capacity of 8,258 megawatts and 4,822 megawatts of assets under development. The average age of its operating plants is 5.5 years, GMR added.

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