GVK Power and Infrastructure is in talks to raise $500 million to $600 million by selling a minority stake in its Singapore arm and is talking to Government of Singapore Investment Corp for a potential deal, two sources with direct knowledge of the matter told Reuters.
The developer of airports, power projects, roads and mines, will dilute a significant minority holding in GVK Coal Developers (Singapore) Pte Ltd, the sources said, adding that a deal could be a precursor to a listing of the company's non-Indian assets in Singapore.
GVK CFO Issac George said the company is looking to sell a minority stake in GVK Coal Developers, which controls coal reserves of about 8 billion tonnes but declined to identify prospective investors or the potential size of a deal.
"We want to do it as early as possible," he told Reuters.
"There are people who have approached us, who have shown tremendous amount of interest," he said.
A GIC spokeswoman declined to comment.