Singapore-based Sembcorp boosts stake in Indian renewables arm to 65.12%

Total investment is worth around SGD12m.

Sembcorp Industries announced that its wholly owned subsidiary Sembcorp Utilities has subscribed to the entire rights issuance by Sembcorp Green Infra, including the 35.94% share of the rights issuance that was not subscribed by its partner IDFC Private Equity Fund III, to fund the company’s growth in the renewable sector in India.

The total investment of the entire rights issuance amounts to Rs 600 million (approximately S$12 million) and is financed by internal funds. As a result of the partner’s non-participation in the rights issuance, Sembcorp Utilities’ stake in Sembcorp Green Infra has increased to 65.12% from 64.06%.

Sembcorp recently opened Sembcorp Gayatri Power Complex, a $4b major coal- fired power-generation complex in Andhra Pradesh, India.