The transaction is subject to approval of lenders.

Currently, an 800MW combined cycle gas turbine (CCGT) power plant is being developed by GMRE on Jurong Island, Singapore.

A consortium of Siemens and Samsung will design and build the CCGT facility, that will use Siemens’ new F-class gas turbines.

The power plant is scheduled to begin commercial operations in 2013.

GMR Supply Singapore, a subsidiary of GMRE, will manage the electricity retail business.

GMR Group chairman GM Rao said the relationship between the company and Petronas opens up powerful synergy in future for both the Groups.