Ananda Krishnan, Malaysia's second-richest man, to sell power portfolio worth $2 bn

T Ananda Krishnan, majority owner of Aircel, is selling his entire power portfolio in a deal that could fetch Malaysia's second-richest man more than $2 billion, Reuters reported, citing sources.

Standard Chartered has been hired to run the sale of eight wholly-owned investments in five power plants in Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates with a net generating capacity of 3,951 MW, and a water desalination plant with a capacity of 16 million imperial gallons per day.

Krishnan, estimated to have a net worth of $9.6 billion and the founder of Malaysia's largest cellular phone company Maxis Bhd, owns his power assets through Tanjong Energy.

In Malaysia, Tanjong Energy owns and operates three power plants with a total generating capacity of 1,490 MW, making it the second largest independent power producer in the country.

It is also the largest independent power producer in both Egypt and Bangladesh. In Egypt, the company owns and operates three power plants with a total generating capacity of 2,048 MW, while in South Asia, it owns and operates two power plants and has investments in four power plants in Bangladesh, Pakistan and Sri Lanka with a total installed capacity of 1,127 MW.

Tanjong Energy is also part of a consortium that owns and operates the Taweelah B Independent Water and Power Project in Abu Dhabi, the UAE.