TPC in race for Singapore power co

Investment arm of Government of Singapore,Temasek Holdings has shortlisted Tata Power (TPC) to bid for the city state’s power generating company, Senoko Power.The successful bidder may need to fork out $3 billion to bag Senoko.Tata Power will have to compete with global giants like Japan’s Marubeni and Mitsubishi, France’s GDF Suez, Malaysia’s YTL Power and the OneEnergy-CLP Holdings combine

The sale of Senoko will involve a two-stage process with interested companies initially submitting a non-binding expression of interest. Later, the shortlisted companies will be allowed to conduct due diligence before making their binding offers.

In the last financial year, Senoko Power generated revenues of $2.5 billion and an operating profit of $245 million. Credit Suisse and Morgan Stanley are advising Temasek on the sale of all the three power generating companies.

Read more in The Economic Times artcile.