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Temasek to invest USD 200 Million in GMR Energy Limited

Team YS
posted on 9th April 2010
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Bangalore, India, 9 April 2010 - GMR Energy Limited ("GEL") has signed a
Shareholders Agreement with Temasek Holdings ("Temasek") to raise
capital for its energy expansion plans. Temasek Holdings, a
Singapore-based Asia investment company, will invest USD 200 million
through its wholly-owned subsidiary Claymore Investments (Mauritius)
Pte. Ltd. The investment will be through a structured paper compulsorily
convertible into equity.


GEL plans to enhance its installed power generation capacity from the
current 808 MW to more than 6,500 MW over the next 3-4 years, thus
necessitating significant capital investment to fund its expansion plans
in the energy business. The company has already achieved financial
closure and achieved fuel linkages for GMR Kamalanga (1,050 MW) and Emco
Energy (600MW). Several other projects are also in advanced development
stage.

Mr. Manish Kejriwal, Head of Temasek Holdings India said, "The energy
sector within the infrastructure space is an attractive long-term
investment area. India may have historically lagged behind in adding new
generation capacity; we believe that enabling regulations and private
sector participation will allow the sector to add substantially to
India's GDP growth rate. We are pleased to announce our partnership with
the GMR Group and participate in the growth of GMR Energy."

Mr. G.M. Rao, GMR Group Chairman said, "We are extremely happy to have
Temasek Holdings as a shareholder of GEL. Temasek is an established
investor globally and one of the earliest investors in India. We are
confident that this relationship will be a mutually gratifying
experience for both parties,"

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