Energy Company Greenko will sell India’s assets to GIC of Singapore for Rs. 1,600 crore [ Current Affairs ]
About Greenko: Greenko Group is green energy company in Hyderabad of India. It includes projects on wind, hydropower, natural gas and biomass in India. Its strategy was to obtain low emission, low waste of Integrated Bio - Energy complexes to support India’s energy demand and security while adding value to the European mandatory Emission Trading Scheme.
- European mandatory Emission Trading Scheme is a foundation of the European Union’s policy to fight climate change and its key tool is to reduce industrial greenhouse gas emissions cost - effectively.
- GIC stands for Government of Singapore Investment Corporation which is a fund management industry established by the Government of Singapore in 1981.
- It is a type of Sovereign Wealth Fund.
- It manages Singapore’s foreign reserves and develops the international purchasing power of the reserves.
- It invests internationally in equities, money - market instruments, fixed income, real estate and special investments.
About the agreement:
- Greenko has agreed to sell its Indian resources to Singapore based company GIC for about 1, 600 crore Rupees.
- Greenko has signed a non - binding deal with GIC for the sale of the company’s trading activities, assets and all its shares in Greenko Mauritius.
- Published on: August 17, 2015