In the largest acquisition of a global energy utility by an Indian company, GMR Infrastructure [ Get Quote ] has bought 50 per cent in the Netherlands-based power generation company, InterGen NV for $1.1 billion (approximately Rs 4,694 crore).

InterGen, which operates 12 power plants in England [ Images ], Mexico, the Netherlands and Australia [ Images ], has 8,086 MW of operational capacity and about 5,000 Mw of assets under development. The company had a turnover of $1.65 billion with profits of $613 million for the year ended December 2007. It employs about 700 people at various locations.

Bangalore-headquartered GMR has interests in airports, energy, highways and urban infrastructure. GMR bought 50 per cent in InterGen from AIG Highstar, a private equity group. Ontario Teachers Pension Plan (Teachers), the largest single-profession pension plan in Canada [ Images ], holds the balance 50 per cent equity stake in InterGen. The deal will be closed before December.

"We will fund the acquisition through a special purpose vehicle which will get a bridge loan of $1.1 billion with two-year maturity from a consortium of five Indian banks," said Ashutosh Agarwala, chief financial officer, GMR.

The acquisition will help GMR get access to the super-critical technology of InterGen's Australian operations and will help it qualify for the ultra mega power projects coming up in India [ Images ], said company officials.