Business Daily from THE HINDU group of publications
Tuesday, Apr 01, 2008
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Business Daily from THE HINDU group of publications Tuesday, Apr 01, 2008 ePaper | Mobile/PDA Version |
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Power Corporate - Overseas Investments GMR in race for 50% stake in InterGen of US
K.V. Kurmanath Hyderabad/Chennai, March 31 The GMR group is in the race for a 50 per cent stake in InterGen, a US-based power company with plants in five countries, according to reliable sources. The group’s first stage of submitting a non-binding bid has been approved and GMR will now have to submit a binding bid, for which it will conduct due diligence. AIG Highstar Capital II, a fund belonging to the AIG group, and Ontario Teachers’ Pension Plan equally own InterGen and AIG’s stake is up for sale, according to the sources. InterGen, headquartered in Burlington, Massachusetts, has close to 7,000 MW of generating capacity in the UK, Mexico, the Netherlands, the Philippines and Australia. The plants in the UK, Mexico and the Netherlands are gas fired and those in Australia and the Philippines coal-based. The sources could not say who the other bidders for the AIG group’s 50 per cent stake were. It is estimated that the 50 per cent stake could fetch AIG anywhere between $1 billion and $1.5 billion. Media reports on the Internet say that AIG and Ontario Teachers’ Pension Plan together acquired InterGen three years ago from Royal Dutch Shell and Bechtel for $1.7 billion. GMR arm buys stake in Nepal co More Stories on : Power | Overseas Investments | Mergers & Acquisitions
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