Sembcorp Industries has announced that its wholly-owned subsidiary Sembcorp Utilities (SCU), has entered into a share purchase agreement to sell 100 per cent of the shares of Sembcorp Energy India Limited (SEIL) to Tanweer Infrastructure Private Limited.
The proposed sale is for a consideration of Rs 117 billion. Tanweer Infrastructure will settle the final consideration via a deferred payment note provided by SCU. SEIL is one of the largest independent power producers in India, operating two supercritical coal-fired plants totalling 2.6 GW. Upon completion of the sale, 51 per cent of Sembcorp’s energy capacity will be renewable energy, up from 43 per cent. Sembcorp will continue to provide technical advisory services on completion of the sale.