Global law firm White & Case LLP has advised Indian infrastructure company, GMR Infrastructure Limited, and its subsidiary GMR Infrastructure (Singapore) Pte. Limited (together "GMR"), on the sale of its 70 percent stake in GMR Energy (Singapore) Pte. Ltd. ("GMRE"). The stake was acquired by FPM Power Holdings Limited ("FPM") for a total consideration of approximately S$600 million.
FPM is a joint venture investment vehicle established between First Pacific Company Limited and Meralco PowerGen Corporation, a wholly-owned subsidiary of the Philippines' largest power distributor, Manila Electric Company.
GMRE was established to construct, own and operate an 800 megawatt natural gas-fired power plant on Jurong Island, Singapore, which is expected to commence operations by the end of 2013. The remaining 30 percent stake in GMRE will continue to be held by a wholly-owned subsidiary of Petronas, Malaysia's state-owned oil and gas company.
In 2011, White & Case represented GMR on its 30 percent stake sale to a wholly-owned subsidiary of Petronas.
The White & Case team consisted of partners Nandan Nelivigi (New York), Jonathan Olier (Singapore) and Sebastian Buss (Istanbul), counsel George Cyriac (Singapore) and associates Waltter Kulvik, Lauren Yau and Ciara Yeo (Singapore).
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