State Grid weighs acquisition of Eletrobras distributors

Source:Reuters Published: 2017/9/21 21:58:40

State Grid Corp of China is studying whether to acquire electricity distribution subsidiaries that will be sold by Brazil's state-owned Centrais Eletricas Brasileiras SA by year's end, an executive at the Chinese utility said on Wednesday.

State Grid will consider a bid because it is committed to the country in the long term, said Ramon Haddad, vice president of operations for the company in Brazil.

Eletrobras, as the company is known, plans to sell the six money-losing distributors. The decision predates the move by the Brazilian government in August to privatize Eletrobras as a whole.

China continues to expand its investments in Brazil with an emphasis on infrastructure and natural resources projects despite a broader crackdown on irrational outbound investment in sectors such as property and entertainment.

Posted in: COMPANIES

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