SINGAPORE (Reuters) - Singapore-based Sembcorp Industries said on Monday it would reorganise its India energy operations into a single entity, citing a more streamlined shareholding structure and greater synergy.
The industrial conglomerate said its thermal and renewable energy businesses would be consolidated under Sembcorp Energy India Ltd, in which it would hold an effective stake of 93.7 percent. Its partner Gayatri Energy Ventures will own the rest.
Sembcorp Industries is reporting its financial results on Friday. It is also expected to reveal soon the results of a review of its businesses and strategic direction.
Sembcorp Industries has a 4,000 megawatt renewable and thermal energy portfolio in India.
Last month, India’s Mint daily reported, citing sources, that Sembcorp Industries was gearing up for an initial public offering of its Indian energy assets.
Reporting by Aradhana Aravindan; Editing by Gopakumar Warrier