Reliance Energy, GMR among nine companies in race for Singapore's Tuas Power

09 January 2008

Mumbai: ADA Group firm Reliance Energy and GMR Infrastructure are among the nine firms short listed for the bidding process to acquire Singapore's Tuas Power, one of the three power firms state investor Temasek has put on the block.

Tata Power, India's largest private sector power generator, however, has been left out in the race.

REL and GMR would compete with international firms, including Japan's Marubeni, China Light and Power, and HongKong Electric, Malaysia's Tanjong and Huaneng Power, Hong Kong-based One Energy JV and Spain's Union Fenosa for the acquisition of Tuas Power.

Tuas Power is estimated to be valued at around $2 billion.

"GMR and REL are two Indian companies which have qualified in the indicative bidding stage of the two-step process. The second stage of submitting binding bids is scheduled to be held in March," sources said.

Tuas will be the first of three power generators that Temasek Holdings hopes to sell by June 2009.