Companie

Thai PTT power unit invests $453 million in Avaada Energy

Reuters Bangkok | Updated on July 14, 2021

GPSC, a unit of state-owned PTT, considers India as a focus country for renewable energy

Thai electricity firm Global Renewable Synergy Company Pcl (GPSC) said it had bought 41.6 per cent of India’s Avaada Energy for 14.8 billion baht ($453.29 million).

“The investment in this platform aligns with the company’s growth strategy in the renewable energy business,” GPSC chief executive Worawat Pitayasiri said in a statement late on Tuesday.

GPSC, a unit of state-owned PTT Pcl, considers India as a focus country for renewable energy expansion.

The deal comes days after another PTT unit, PTT Global Chemical Pcl, announced a $4.75-billion acquisition of German coating resins maker Allnex.

Published on July 14, 2021

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