Sembcorp Industries has increased its equity stake in its India arm Sembcorp Energy India (SEIL) from 93.73% to 94.05%.
The company has infused ₹5.169 billion into SEIL to support the growth of its renewable energy business in India.
According to the company’s statement, equity injection is funded through a mix of internal funds and borrowings. This equity infusion results in the subscription to 275 million additional shares in SEIL by the Sembcorp’s wholly-owned subsidiary, Sembcorp Utilities (SCU).
The balance of the shares in SEIL is owned by SCU’s local partner, Gayatri Energy Ventures Private Limited.
SEIL’s statement says it has a wind and solar power portfolio of more than 1,700 MW.
Back in 2017, Sembcorp Industries, through its wholly-owned subsidiary Sembcorp Utilities, had entered into an agreement to acquire the remaining 28% stake in Sembcorp Green Infra (SGI), a wind and solar project developer, from IDFC Private Equity Fund III’s (IDFC) for ₹14.1 billion (~$205.5 million).
With this acquisition, Sembcorp Industries became the sole owner of SGI.
This is an Agency News-Feed