Sembcorp Industries increases stake in India energy arm

Sembcorp dragon boat team at DBS Marina Regatta on 2 June 2019.Sembcorp dragon boat team at DBS Marina Regatta on 2 June 2019.

Sembcorp Industries increased its effective stake in its India energy arm, Sembcorp Energy India Ltd., or SEIL, to 94.05 percent from 93.73 percent, the company said in a filing to SGX Wednesday.

That was after Sembcorp’s wholly owned subsidiary Sembcorp Utilities subscribed to 275 million additional shares in SEIL, injecting equity of around S$101.6 million, or 5.17 billion rupees, the filing said.

The funds will be used to support the growth of the India renewable energy business, Sembcorp said.

The deal was funded via a mix of internal funds and borrowings, the filing said.

The remaining stake in SEIL is held by Sembcorp Utilities’ local partner, Gayatri Energy Ventures, Sembcorp said.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88

You can check your existing account here. You can also contact us about other contribution levels or for corporate subscriptions and syndication queries.