China’s largest power generator China Huaneng has outbid India’s Reliance Energy (REL) and GMR Group by placing the highest bid of $3.1 billion for a power firm put on block by Singapore’s investment arm Temasek Holdings.REL and GMR Group were the two Indian bidders for Tuas Power, one of the three power generating companies being privatised by the Singapore government.
Besides, REL and GMR, three international firms, including China Light and Power and HongKong Electric, were also believed to have been in the race to acquire Tuas Power.
Temasek Holdings has signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly-owned subsidiary of China Huaneng, for the 100 per cent sale of Temasek’s wholly-owned Tuas Power Ltd for a cash consideration of 4.235 billion Singapore dollars, an official statement said.
Read more in The Business Standard article.
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