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05 March 2024

Noor eyes energy firms in India and Singapore

By Agencies

Kuwait's Noor Financial Investment Co said on Sunday it is in talks to acquire 10 per cent of an Indian energy firm in a $20 million (Dh73.4 million) deal.


Noor's Managing Director Naser al-Marri declined to identify the firm, saying only the deal would allow both companies to invest in Kuwait's oil sector.


"We need to bring them to Kuwait... we will create a joint venture in Kuwait," al-Marri told Reuters, declining to provide further details.


Marri also said that Noor is the financial adviser for a consortium led by Kuwait's Ikarus Petroleum to buy 10 per cent of a petrochemical company in Singapore in a $200 million (Dh734 million) deal.


"We will buy 10 per cent, $50 million (Dh183.5 million) for equity and $150 million (Dh550.5 million) for debt," he said adding that Ikarus will own the majority of the 10 per cent stake. He did not identify the firm in Singapore.


Ikarus could not be reached for comment.


Both Noor and Ikarus are owned by National Industries Group Holding. Noor is also invested in Ikarus.


Noor said last month it was looking to raise as much as 25 million dinars through a rights issue to finance its expansion plans in the emerging markets and in the Gulf.  (Reuters)