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Thai electricity firm Global Renewable Synergy Company Pcl (GPSC) said it had bought 41.6 per cent of India’s Avaada Energy for 14.8 billion baht ($453.29 million).
“The investment in this platform aligns with the company’s growth strategy in the renewable energy business,” GPSC chief executive Worawat Pitayasiri said in a statement late on Tuesday.
GPSC, a unit of state-owned PTT Pcl, considers India as a focus country for renewable energy expansion.
The deal comes days after another PTT unit, PTT Global Chemical Pcl, announced a $4.75-billion acquisition of German coating resins maker Allnex.
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