For Rs. 1,600 crore, Greenko Group, green energy company in Hyderabad of India signed a non-binding deal with GIC (Government of Singapore Investment Corporation) the sovereign wealth fund of Singapore agreeing to sell its India assets to GIC.
- This move will result in the sale of the company’s trading activities and assets, which comprise the development, ownership and operation of clean energy projects in India.
- Greenko and GIC are currently in an advanced stage of negotiations. The disposal will be subject to a legally binding agreement.
- Greenko Group includes projects on wind, hydropower, natural gas and biomass in India.
- Its strategy was to obtain low emission, low waste of Integrated Bio – Energy complexes to support India’s energy demand and security while adding value to the European mandatory Emission Trading Scheme.
- GIC Private Limited, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore’s foreign reserves.
- Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years.
- Its investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments).