Sembcorp Industries sells India unit to Tanweer Infra $1.47 billion

By 2025, Sembcorp aims to quadruple its gross installed renewable energy capacity to 10 Gw

Singaporean utilities firm Sembcorp Industries has sold its entire shareholding in Sembcorp Energy India (SEIL), its coal-based power generation arm in the country, to Tanweer Infrastructure. The transaction value is Rs 11,700 crore ($1.47 billion) for an asset base of 2.7 gigawatt (Gw).

Tanweer Infrastructure is indirectly owned by a consortium led by private equity investment firm Oman Investment Corporation S.A.O.C. (OIC) in partnership with the Ministry of Defence Pension Fund, which is one of Oman’s largest pension funds and Dar Investment SPC.

In a public statement, Sembcorp said, post this sale, 51 per cent of its energy capacity will be renewable