Mumbai: Sembcorp Industries on Thursday said it has entered into an agreement with IDFC Private Equity Fund III to acquire its remaining stake in the company's renewable energy business for Rs 1,410.2 crore, thus becoming a sole owner of Sembcorp Green Infra. The company, wholly-owned subsidiary Sembcorp Utilities has acquired IDFC's remaining stake in SGI for Rs 1,410.2 crore, thus becoming the sole owner of its renewable energy division, Sembcorp said.
"Buying IDFC's stake in SGI reaffirms our commitment to a long-term presence in India. The deal will allow us to drive SGI's growth as the 100 per cent owner, and increase our investment in a wind and solar generation portfolio that strongly complements our thermal power assets in the country," Sembcorp Industries Group President and CEO Neil McGregor said.
With a total capacity of 1,200 MW of solar and wind power SGI has presence across seven states in India.