GMR Infrastructure said it had completed sale of 30% stake in its Singapore based subsidiary GMR Energy to Malaysian oil and gas major Petronas for about SGD 50 million.

GMR Infrastructure in a statement said that "The transfer of [30%] shares [in GMR Energy] to Petronas Power Sdn Bhd a power subsidiary of Petronas International, was completed on December 27th 2011 for a consideration of SGD 50 million.”

It added that the stake sale, announced in September this year, was done after getting approval from the lenders of GMR Energy. The company is developing an 800 MW Combined Cycle Gas Turbine power plant on Jurong island in Singapore.

The statement further said that Petronas has also paid SGD 19 million equivalent towards the 30% shareholder loan contributed by GMR to date.

Besides this, the Malaysian oil and gas major would also be contributing to future equity requirements of the project prorated to its 30% stake. In addition, Petronas International has become a joint sponsor of the project.

The power generating facility of GMR Energy is being constructed by a consortium of Siemens and Samsung. It will be fuelled by re gassified LNG and is scheduled for commercial operations in 2013.

The acquisition of 30% stake in GMR Energy marks Petronas group's maiden foray into the international power market.

(Sourced from PTI)