New Delhi, Dec 6 () Singapore-based Sembcorp Industries on Friday said it has signed a pact to buy out its local partner Gayatri Energy Ventures Pte Ltd’s stake in the Indian arm Sembcrop Energy India Ltd (SEIL) for Rs 406 crore.
The firm had first announced the deal to buy 5.95 per cent stake held by Gayatri Energy on December 4.
“Further, to our announcement on December 4, 2019, Sembcorp Industries (Sembcorp) announces that its wholly-owned subsidiary Sembcorp Utilities has signed an agreement today with its local partner, Gayatri Energy Ventures Pte Ltd (GEVPL), a wholly-owned subsidiary of Gayatri Projects Limited (GPL), to acquire the remaining 5.95 per cent stake in SEIL,” it said in a statement here.
Sembcorp will now be the sole owner of SEIL.
