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Singapore-based Agritrade Resources is acquiring 100 per cent share capital of SKS Power Generation (Chhattisgarh) for Rs 2,170 crore (around $300 million).</article>

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Singapore-based Agritrade Resources is acquiring 100 per cent share capital of SKS Power Generation (Chhattisgarh) for Rs 2,170 crore (around $300 million).
The deal, which is subject to certain conditions, also entails the Hong Kong-listed company acquiring debts of SKS Power, according to an official statement. Agritrade will settle the dues for all the outstanding debt of SKS Power to State Bank of India, L&amp;T Infrastructure Finance Company and PTC (India) Financial Services.
SKS Power, which is currently owned by SKS Ispat and Power Ltd, owns a 1,200-MW coal-based plant in the Raigarh district of Chhattisgarh. The first phase of 600 MW (2 units of 300 MW each) of the plant is operational.
Agritrade operates mainly in mining, shipping and energy sectors and the proposed acquisition represents a diversification opportunity for the company to expand into thermal power. It will also help the company to diversify its customer base into emerging markets like India.
“This will not only bring out greater synergies among our businesses, but also let the company to stay more resilient and versatile in the industry.” said Chief Executive Officer and Executive Director Ng Xinwei,
Agritrade will pay for the acquisition through internal resources of the group along with loan borrowing from an independent third party as project financing.
According to the Agritrade&#8217;s website, the company has been seeking opportunities to expand its business and exposure within the energy sector.
V-Magnum Opus Strategic Solutions was the transaction advisor to Agritrade for this acquisition.
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Singapore-based Agritrade Resources is acquiring 100 per cent share capital of SKS Power Generation (Chhattisgarh) for Rs 2,170 crore (around $300 million).

Singapore's Agritrade Resources to acquire SKS Power for $300m

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Singapore's Agritrade Resources to acquire SKS Power for $300m

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