NEW YORK, July 25 (Reuters) - India's GMR Infrastructure is looking for buyers for its 50 percent stake in power generation firm InterGen NV, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Those sources told the Journal that GMR believes the value of its stake is in the $ 1 billion range, and that the company may not sell if bidders don't meet that range.
The sales process is in its early stages, according to the Journal.
InterGen is based in the U.S. and owns 12 power plants in the UK, the Netherlands, Mexico, the Philippines and Australia. Its plants have a generation capacity of more than 8,000 megawatts.
GMR bought its stake in InterGen from an AIG unit for $1.1 billion in 2008.
GMR and InterGen could not be immediatley reached for comment.
(Reporting by Michael Erman; Editing by Diane Craft) Keywords: INTERGEN GMR/ (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Those sources told the Journal that GMR believes the value of its stake is in the $ 1 billion range, and that the company may not sell if bidders don't meet that range.
The sales process is in its early stages, according to the Journal.
InterGen is based in the U.S. and owns 12 power plants in the UK, the Netherlands, Mexico, the Philippines and Australia. Its plants have a generation capacity of more than 8,000 megawatts.
GMR bought its stake in InterGen from an AIG unit for $1.1 billion in 2008.
GMR and InterGen could not be immediatley reached for comment.
(Reporting by Michael Erman; Editing by Diane Craft) Keywords: INTERGEN GMR/ (Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.