GMR Infrastructure Ltd’s Subsidiary raises INR 2,256 million through CCDs for investment in GMR Bajoli Holi Hydropower Pvt. Ltd.
Deepthi | Myequity news | Date : 10-12-2018 18:00:00 IST
GMR Bajoli Holi Hydropower Private Limited (“GBHHPL”), a subsidiary of GMR Energy Limited and a step down subsidiary of GMR Infrastructure Limited, today announced the signing of definitive agreement for an investment of INR 2,256 million through Compulsorily Convertible Debentures (“CCDs”) in GBHHPL by TNB Topaz Energy SDN Bhd., a wholly owned subsidiary of Tenaga Nasional Berhad (“TNB”). The proceeds from the CCDs will be used for the construction of 180 MW run of the river Bajoli Holi project. The hydroelectric project is under advanced stage of construction on river Ravi in the state of Himachal Pradesh.
Commenting on the occasion Mr. Srinivas Bommidala, Chairman - Energy and International Airports, GMR Group said “TNB are our partners in GMR Energy Limited, our holding company for investments in energy sector. We are delighted about TNB’s decision to invest at a project level, and welcome their investment in Bajoli Holi project. This re-emphasises our strong partnership, and we look forward to a long and prosperous relationship”. GMR Energy Ltd:
TNB President and Chief Executive Officer, Datuk Seri Ir. Azman Mohd, said: “Investing in BHHEP is in line with TNB’s strategy of expanding its Renewable Energy assets under the Reimagining Tenaga strategy to position TNB as one of the top global utility players by 2025. The sharing of best practices between TNB and GBHH will maximise returns, deliver positive business outcomes and establish TNB as a leading international utility in Renewable Energy.”
GMR Energy Ltd (GEL) is a joint venture between GMR Group and Tenaga Nasional Berhad (Tenaga) of Malaysia. GEL has diversified power portfolio of ~ 4,029 MW, of which 2,299 MW of Coal, Gas and Renewable power plants are operational, 180 MW of hydro power projects is under advanced stages of construction and 1550 MW are under various stages of development. GMR Group holds ~52% stake in GMR Energy, while Tenaga holds 30%. The remaining share is held by Private equity investors.