Hyderabad-based GMR Infrastructure Ltd has bought 50 per cent stake in Intergen, a power company based at Burlington in the US, for $ 1.1 billion. The company bought the stake from AIG Highstar Capital II fund. GMR will jointly own Intergen with the Ontario Teachers'' Pension Plan (Teachers''). Teachers'' has been a 50 per cent owner of Intergen since 2005. With $108.5 billion in net assets, it is the largest single-profession pension plan in Canada.Intergen is an independent power producer with operations in the UK, Mexico, the Philippines, Australia and the Netherlands. It has a turnover of $1.65 billion and EBITDA of $ 613 million for the year ending December 2007.
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