1MDB buys Tanjong Energy from Ananda Krishnan for RM8.5bil and plans to increase capacity

PETALING JAYA: 1Malaysia Development Bhd (1MDB) has plans to enhance the capacity of Tanjong Energy Holdings Sdn Bhd as a leading emerging market independent power producer (IPP) after it paid RM8.5bil to tycoon T. Ananda Krishnan for the power assets.

The definitive agreement was signed on Friday and the deal is subject to customary financing and regulatory proposals, IMDB said in a statement issued yesterday. This confirms a StarBiz report on Monday that Ananda Krishnan's power assets had been sold to 1MDB.