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Ananda Krishnan Sells Powers Assets to 1Malaysia Development Bhd (1MDB)


The power assets of billionaire T. Ananda Krishnan have been sold to 1Malaysia Development Bhd (1MDB) the biggest power asset sale in the country, and probably in the region.

Sources familiar with the deal said the parties had signed the sale and purchase agreement last Friday but they could not reveal the price.

However, they indicated that it was in the range of between US$3.2bil (RM9.92bil) and US$3.6bil (RM11.16bil).

Last month, Ananda had put up for sale all his power assets held via Tanjong Energy Group, which owns and operates eight power plants with investments in five power plants in Malaysia, Egypt, Bangladesh, Pakistan, Sri Lanka and the United Arab Emirates.

Together, they have a total net generating capacity of 3,951MW.

The sale had attracted 12 local and international bidders.

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Ananda Krishnan Sells Powers Assets to 1Malaysia Development Bhd (1MDB)

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