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Sembcorp merges energy businesses under one entity
Sembcorp Gayatri Power and SGI to be put under Sembcorp Energy India Limited.
Sembcorp Industries will consolidate its thermal and renewable energy businesses in India under a single entity to further streamline their shareholding structure.
As part of the reorganisation, Sembcorp’s wholly-owned subsidiary Sembcorp Utilities (SCU) will transfer its entire 88% stake in Sembcorp Gayatri Power (SGPL) to Sembcorp Energy India Limited (SEIL), formerly called as Thermal Powertech Corporation India (TPCIL).
In addition, Sembcorp’s partner Gayatri Energy Ventures (GEVPL) will transfer its entire 12% stake in SGPL to SEIL.
Lastly, SCU will transfer its entire 71.6% stake in Sembcorp Green Infra to SEIL.
In its filing to the Singapore Exchange, Sembcorp said the consideration for the transfer of stakes was settled in SEIL shares, issued as fresh equity to SCU and GEVPL considering their respective shareholdings in SGPL and SGI.
In line with this, Sembcorp will hold an effective stake of 93.7% in SEIL while GEVPL will hold the remaining 6.3%.
Meanwhile, SCU has assigned its rights to SEIL for the acquisition of the remaining shares in SGI from IDFC Private Equity Fund III. The acquisition is expected to be completed in the first quarter of 2018.
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