India's GMR Infrastructure Acquires 50% Stake in Dutch Utility InterGen for $1.1 Billion

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Researched by Industrial Info Resources (Sugar Land, Texas)--GMR Infrastructure Limited (BSE:532754) (Bangalore, India) has completed the acquisition of a 50% stake in InterGen N.V. (Amsterdam, The Netherlands), a global power generation company, from AIG Highstar Capital II L.P. (New York, New York) and affiliates. The transaction was valued at $1.1 billion, resulting in the largest acquisition ever of a global energy utility by an Indian company. Ontario Teachers' Pension Plan (Toronto, Ontario) owns the remaining 50%.

InterGen was formed in 1995 as a joint venture between Bechtel Enterprises Energy B.V. (San Francisco, California) and PG&E Corporation (NYSE:PCG) (San Francisco). In 1997, Bechtel purchased all of PG&E's interest in InterGen and sold a 50% interest to Shell Generating Limited (Den Haag, The Netherlands), a subsidiary of Royal Dutch Shell (NYSE:RDS.A) (The Hague, The Netherlands). In April 2005, the Ontario Teachers' Pension Plan formed a joint venture with AIG Highstar Capital II to purchase InterGen and 10 of its power plants from Shell Generating (Holding) B.V. and Bechtel at a price of approximately $1.75 billion. Both companies were equal partners in the joint venture.

InterGen has developed, commissioned and operated over 20 different power stations in 10 countries since 1995.

GMR funds the capital requirements of various infrastructure projects in the group's energy, highways and airport business. It recently completed and commissioned the Greenfield International Airport in Hyderabad and is building a new terminal in Delhi and upgrading the Sabiha Gokcen International Airport in Istanbul, Turkey.

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