TNB in conditional deal to buy India’s GMR stake (Update)

TNB told Bursa Malaysia that Pengerang Power would design, construct, own, operate and maintain a co-generation facility with a nominal capacity of 1,729MW in Pengerang, Johor.

PETALING JAYA: Tenaga Nasional Bhd (TNB) has entered into a conditional subscription deal with India-based GMR Energy Ltd (GEL) to buy equity shares worth US$300mil (RM1.21bil) in the firm as part of its plan to secure new generation capacity internationally.

In a filing with the stock exchange yesterday, TNB said it saw the entry into India as an attractive investment opportunity because of its favourable economic outlook and stable political landscape, with a rapidly growing energy sector.