Sembcorp to reorganise India energy biz under single entity

Singapore-based Sembcorp Industries has said it will reorganise its India energy operations under one entity Sembcorp Energy India Ltd (SEIL) and control a majority stake of 93.73 per cent in it. The Sembcorp Industries (SI) announced "the reorganisation of its India energy operations, for a more streamlined shareholding structure and greater synergy". As part of this exercise, Sembcorp Industries arm, Sembcorp Utilities (SCU) has transferred its entire 88 per cent stake in Sembcorp Gayatri Power (SGPL) to thermal Powertech Corporation India (TPCIL). The TPCIL has also been renamed SEIL. Similarly, Sembcorp's partner Gayatri Energy Ventures (GEVPL) has transferred its entire 12 per cent stake in SGPL to the SEIL. The SCU has also transferred its entire 71.6 per cent stake in Sembcorp Green Infra to the SEIL. The SI said that the consideration for these stake transfers was settled in the SEIL shares, issued as fresh equity to the SCU and GEVPL, taking into account their respective share holdings in the SGPL and SGI, as agreed between the SCU and GEVPL, according to reports