As per the media reports, Singapore-based power utility major Island Power has been acquired by GMR Infrastructure on Friday. The amount for the deal has not been disclosed.

It was confirmed by GMR Infra in a filing to the Bombay Stock Exchange, “GMR Group today signed an agreement with the international power producer InterGen to acquire its 100 per cent ownership stake in Island Power.”

As of now, an 800 MW power facility is being constructed by Island Power in Singapore, and it has been predicted that the project might bring in about USD 1.5 billion (Rs 7,200 crore) foreign direct investment (FDI) in the country.

GMR Group South East Asia Head Ng Quek Peng told that GMR's first and flagship project in Singapore would be Island and they will be concentrating their efforts on making it a successful venture.

The filing added, “The construction of the power plant would begin by fourth quarter of 2010 and is expected to be operationalized by 2013.”

GMR, which has now won full and direct ownership of the Singapore energy development project, had bought an indirect 50 per cent control in Island Power in June 2008.