Mumbai, Aug. 31: Singapore-based Sembcorp Industries today entered into an agreement with IDFC Private Equity Fund III to acquire its remaining stake in Sembcorp Green Infra for Rs 1,410.2 crore.

With this acquisition, Sembcorp will become the 100 per cent owner of Sembcorp Green Infra (SGI).

In 2015, Sembcorp had acquired a majority stake in the renewable energy firm after which it was renamed Sembcorp Green Infra. It has more than 1,200MW of wind and solar power assets across seven states in southern, western and central India.

In a statement, Sembcorp said its wholly owned subsidiary Sembcorp Utilities has acquired IDFC's remaining stake in SGI.

"The deal will allow us to drive SGI's growth and increase our investment in wind and solar generation that strongly complements our thermal power assets in the country," said Neil McGregor, group president and CEO of Sembcorp Industries.

The company said pursuant to the shareholders' agreement between the parties, Sembcorp Utilities exercised its contractual right to acquire the IDFC stake. The deal amount was agreed between the parties based on, among others, comparable market valuations, and an assessment of SGI's assets and business prospects, it added.