GMR quits Singapore Power project

As part of its ongoing portfolio churn, cash-strapped infrastructure conglomerate GMR is selling its entire 70 per cent stake and exiting its first Independent Power Project outside India, the Island Power Project in Singapore. The move will help the group pare its consolidated net debt of Rs 37,681 crore, as on December 2012. The combined cycle gas turbine power plant, located in Singapore's Jurong Island, is housed under GMR Energy (Singapore) Pte, a subsidiary of GMR Infrastructure. Contact: GMR Group. Tel: 080-4043 2000. E-mail: info@gmrgroup.in Website: www.gmrgroup.in