GMR Infrastructure agreed to sell a 30 per cent stake in GMR Energy (Singapore), or GMRE, to Petronas International Corporation, an arm of Malaysian state-run oil firm Petronas, subject to approval of lenders. GMRE is developing an 800-Mw combined cycle gas turbine power plant on Jurong Island, Singapore. Fuelled by re-gassified liquefied natural gas, the plant is scheduled for commercial operations in 2013. However, GMR Supply Singapore, an arm of GMRE, would continue to hold the electricity retail licence in Singapore. GMR had acquired 100 per cent stake in this project for $10 million from US-based Intergen in May 2009. The project cost is around Rs 4,500 crore (about Rs 5 crore per Mw). The fuel supply has been tied up for 16 years. The stake was sold at a 30 per cent premium on the par value. GMR had earlier exited Intergen Power Project for around $900 million. It had bought the company for $1.2 billion. The management of GMR Infrastructure has been stressing that there are immense opportunities for power generation in India and that is the deciding factor to exit global power projects.
Petronas is one of the largest groups in South East Asia, with substantial resources in oil and gas. This relationship would pave the way for other possible opportunities between the groups in India as well as internationally. While Petronas has power assets in Malaysia, this is the first time it is foraying outside of the country. GMR Infrastructure has 17 power assets. Of this, four are operational with around 880 Mw and 13 are under various stages of implementation. The company will have over 5,000 Mw in the next two years.
| Company Name | CMP |
|---|---|
| Dreamfolks Services | 419.70 |
| GMR Airports | 79.09 |
| View more.. | |
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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