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Sembcorp to acquire IDFC stake in India power business for Rs 1,400 crore

Sembcorp to own 100% stake in SGI; acquisition to be funded via mix of internal funds and borrowings

solar power, renewable energy
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Jyoti Mukul New Delhi
Singapore-based Sembcorp Industries (Sembcorp) has said it would acquire IDFC’s stake in Sembcorp Green Infra (SGI) in a Rs 1,410.2-crore deal, or for approximately $301 million. Its wholly-owned subsidiary, Sembcorp Utilities, has entered into an agreement to acquire IDFC Private Equity Fund III’s remaining 28 per cent stake in SGI. With this, Sembcorp would become the sole owner of SGI.

“Pursuant to the prevailing shareholders’ agreement between the parties, Sembcorp Utilities has exercised its contractual right to acquire IDFC’s remaining shares in SGI. The consideration for the acquisition was agreed between the parties based on, amongst others, comparable market valuations, and

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