Tata Power eyes stake in 3 Singapore power companies
03 December 2007
Mumbai: Tata Power Co Ltd is eyeing a stake in three Singapore electricity companies - Tuas Power, PowerSeraya and Senoko - reports quoting Tata group sources said.
Tata is looking to acquire Singapore''s state investor Temasek Holdings'' stake in the three firms, the report said.
Temasek, which is selling its stake in the three firms as part of a plan to liberalise Singapore''s energy market, said it expected to receive indicative offers for Tuas Power by the end of the year.
It expects to sell the three power companies, which have a book value of about S$1 billion (US$690.6 million) by late 2008.
Besides Tata Power, other Indian groups like the Anil Dhirubani Ambani Group and a consortium that includes the Hyderabad-based GMR are also bidding for Tuas, the report said.
Hong Kong''s China Light & Power, Hongkong Electric, Japan''s Marubeni, Singapore''s Keppel Corp and SembCorp Industries have also shown interest in the deal.