Tata Power in talks to acquire stake in InterGen
Tata Power has entered in to talks to purchase a 50% stake US-based power utility InterGen NV from GMR Infrastructure, according to a report.
GMR Infrastructure had acquired the 50% stake in the company for around $1.1 billion from a fund owned by American International Group Inc. the rest of the firm is owned by Ontario Teachers' Pension Plan.
About four firms are expected to be in a race to acquire the stake with China Huaneng Group being the frontrunner. Some reports suggest that GMR Infrastructure is in advanced negotiations to sell the stake to China Huaneng Group, for about $1.2 billion.
The state run Chinese company may also be ready to pay as much as $1.4 billion including costs for taking over non-performing assets. The sale of stake could be announced in the next two months.
After the reports of the possible negotiations with Tata power, the shares of the company fell 1.86% to Rs 1,245 at 11:45 IST while the benchmark index of the Bombay Stock Exchange, Sunsex remained flat at 18,229.13. The stock has opened at the high of Rs1280.
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