Oman’s OIC-led consortium to acquire Sembcorp’s 2.6GW power plants in India for $1.5bln

Oman’s OIC-led consortium to acquire Sembcorp’s 2.6GW power plants in India for $1.5bln

Muscat: A consortium led by Oman Investment Corporation (OIC) in partnership with the Ministry of Defence Pension Fund, Oman (MODPF) and an Omani family office (collectively, the Tanweer Consortium) announced that it has, through Tanweer Infrastructure Pte. Ltd. (Tanweer Infrastructure), entered into a share purchase agreement with Sembcorp Utilities Pte. Ltd. (SCU) to acquire 100 per cent of the shares of Sembcorp Energy India Limited (SEIL).

SEIL is one of the largest independent power producers in India, operating two supercritical coal-fired plants totalling 2.6GW. SCU is a wholly-owned subsidiary of Sembcorp Industries (Sembcorp).

The signing was attended by Anwar Ahmed Muqaibal, the Sultanate of Oman Consulate General for the Republic of Singapore.

The acquisition of SEIL for consideration of INR117 billion, approximately $1.5 billion, will result in Tanweer Infrastructure, a company incorporated by the Tanweer Consortium, becoming the sole shareholder of SEIL post-completion. Tanweer Infrastructure will settle the final consideration via a deferred payment note provided by SCU.

Acquisition to accelerate the transformation of OIC into an international player

This deal progresses OIC’s vision to build an international asset management business headquartered in the Sultanate of Oman.

OIC is a leading Omani Private Equity Investment company established in 2005 with a strong track record in establishing,