In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure in June agreed to buy a 50% stake in the global power generation company InterGen for US$1.1 billion.
InterGen has stakes in 12 operating power plants, including one under construction, with a gross capacity of 8,258 MW and 4,822 MW of assets under development. The average age of its operating plants is 5.5 years.
GMR said its purchase of a stake in InterGen will give it global clout and allow it to compete for major Indian projects.
White & Case represented GMR, which has holdings in energy, airports, highways and urban infrastructure.
“This deal will expand GMR’s global energy and infrastructure footprint and will provide a strong platform to compete globally and within India for large infrastructure projects expected to come up in the next few years,” said White & Case partner Nandan Nelivigi.
Bangalore-based GMR is purchasing the InterGen stake from AIG Highstar Capital II.
Ontario Teachers Pension Plan will continue to hold the other 50% stake in InterGen. The transaction, subject to regulatory approvals, is expected to close later this year
