India-based GMR Infrastructure Limited has sold its 70 per cent stake in its first independent power project (IPP) outside India – the Island Power Project in Singapore. GMR had already signed a sale agreement with FPM Power Holdings Limited for its controlling stake in the 800 MW gas-based power plant at an equity value of S$660 million. FPM Power is a 60:40 JV between Hong Kong-based First Pacific and Phillipines-based Meralco. GMR that had invested S$293 million in equity will receive a cash premium of S$307 million. Petronas that holds the remaining 30 per cent stake in the power project had bought it for S$47.7 million in 2011. The transaction advisors for the deal were Macquarie Capital India and Standard Chartered Bank.