Reuters: Private Equity: India's GVK eyes $500-$600 mln unit stake sale-sources

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India's GVK eyes $500-$600 mln unit stake sale-sources Jun 19th 2012, 04:36 MUMBAI, June 19 | Tue Jun 19, 2012 12:36am EDT MUMBAI, June 19 (Reuters) - India's GVK Power and Infrastructure is in talks to raise $500 million to $600 million by selling a minority stake in its Singapore arm and is talking to Government of Singapore Investment Corp for a potential deal, two sources with direct knowledge of the matter told Reuters. The developer of airports, power projects, roads and mines, will dilute a significant minority holding in GVK Coal Developers (Singapore) Pte Ltd, the sources said, adding that a deal could be a precursor to a listing of the company's non-Indian assets in Singapore. GVK CFO Issac George said the company is looking to sell a minority stake in GVK Coal Developers, which controls coal reserves of about 8 billion tonnes but declined to identify prospective investors or the potential size of a deal. "We want to do it as early as possible," he told Reuters. "There are people who have approached us, who have shown tremendous amount of interest," he said. A GIC spokeswoman declined to comment. (Reporting by Indulal PM and Ketan Bondre; Additional reporting by Saeed Azhar in SINGAPORE; Editing by Ranjit Gangadharan)

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