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Temasek to invest USD 200 Million in GMR Energy Limited

Team YS
9th Apr 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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