GMR Group completes sale of Singapore unit

The GMR Group on Monday said that it has completed the sale of its 70 per cent interest in GMR Energy Singapore to FPM Power Holdings for Rs 2,605 crore.

The transaction was concluded on March 28 after getting all the necessary approvals, the company said in a statement.

The divestment of this stake results in a profit of Rs 1,376 crore and releases capital amounting to Rs 1,564 crore, it said.

"The sale before the year-end is significant and a testimony to the group's strategy for making profitable deals, by adopting the asset-light asset right approach," Group Chairman G M Rao said, adding the deal has been concluded in four weeks since its announcement.

FPM Power is a 60:40 joint venture between First Pacific Company and Meralco Power Gen Corporation, a wholly-owned subsidiary of Manila Electric Company.