Tue, December 21, 2010
Business > Industries

State Grid acquires 7 Brazilian power companies

2010-12-21 09:57:18 GMT2010-12-21 17:57:18 (Beijing Time)  Global Times

State Grid Corp of China has recently acquired seven power transmission companies in Brazil, and a 30-year operation franchise of their power transmission assets by $989 million, according to information released by the State-owned Assets Supervision and Administration Commission (SASAC) Monday.

State Grid, on December 9, had formed a group to operate the 7 newly-acquired companies in the South American country. The project is estimated to generate a yearly profit of more than $110 million.

State Grid will mainly export technology and managerial guidance to the companies, while the Brazilian government will ensure State Grid fixed profits, said an insider from the former.

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