Malaysia tycoon plans $2B sale of power assets

Malaysia tycoon plans $2B sale of power assets

Malaysian tycoon Ananda Krishnan has put his entire power portfolio in Malaysia, South Asia, the Middle East and Egypt up for sale in a deal that could raise more than $2 billion, three sources familiar with the matter told Reuters on Wednesday.

February 22, 2012 1:05 by Reuters

Standard Chartered Plc has been hired to run the sale of stakes in about a dozen power plants in Malaysia, South Asia, Egypt and the Middle East with a net generating capacity of nearly 4,000 megawatts (MW), the sources said.

The sources requested anonymity because they were not authorised to speak to the media.

Ananda Krishnan owns his power assets through Tanjong Energy Group, which, according to Tanjong’s website, owns and operates eight power plants and has investments in five power plants in Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates with a total net generating capacity of 3,951 MW.

Standard Chartered and Tanjong declined to comment. (Reporting by Charlie Zhu and Saeed Azhar; Additional reporting by Stuart Grudgings in KULA LUMPUR; Editing by Chris Lewis) *image from nriinternet.com