2010-08-18 14:16

The country's top power producer, China Huaneng Group, is in advanced talks to buy a 50 percent stake in power utility InterGen NV from GMR Infrastructure Ltd, an Indian builder of roads and airports, media reports said.

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The stake would cost Huaneng about $1.2 billion, but give the Chinese company access to InterGen's 12 power plants in the UK, the Netherlands, Mexico, Australia and the Philippines, the report said, citing two people with knowledge of the matter.

Bangalore-based GMR Infrastructure purchased 50 percent of InterGen in 2008 for $1.1 billion from a fund owned by American International Group Inc. The rest of InterGen is owned by Ontario Teachers' Pension Plan, according to the reports.