GMR Group, the Indian infrastructure major, on Friday signed an agreement with the international power producer InterGen NV (InterGen) to acquire Intergen’s 100 per cent ownership stake in Island Power — a Singapore based private electric utility.
Island Power is currently developing an 800 MW combined-cycle power facility fired by natural gas, to be located on Jurong Island, Singapore.
The project will bring over approximately $1.5 billion in Foreign Direct Investment (FDI) into Singapore.
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