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GIC in talks to invest in GVK Singapore unit

19 Jun 2012

Singapore sovereign wealth fund GIC is said to be in talks to buy a minority stake in the Singapore arm of India’s GVK Power and Infrastructure, in a deal that could raise between $500m and $600m.

The company, which develops airports, power projects, roads and mines, is selling part of its GVK Coal Developers (Singapore) unit in a deal that could precede a Singapore listing of the division, Reuters reported on Tuesday.

GVK Coal Developers (Singapore) operates a number of coal assets in Australia. A deal will help finance the development of those mines and help pay off the $1.26bn debt burden incurred from the purchase of the assets last year, the report added.

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