GMR Infra buys Island Power stake

 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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