India's GMR, Macquarie to bid for S'pore power cos-report

SINGAPORE, Dec 10 (Reuters) - India's GMR Infrastructure (GMRI.BO: Quote, Profile, Research, Stock Buzz) is teaming up with Australia's Macquarie Group (MQG.AX: Quote, Profile, Research, Stock Buzz) and Kuwait's sovereign wealth fund to bid for three power companies being sold by Singapore, the Hindustan Times reported on Monday.

"We are in the race for the Singapore power assets. We have formed a consortium with Macquarie and Kuwait Fund and are placing a bid on Dec. 12," a report on the paper's Web site quoted GMR Chairman GM Rao as saying.

Singapore state investor Temasek Holdings [TEM.UL] has set a Wednesday deadline for bids for Tuas Power, the first of three power firms it hopes to sell off by June 2009. A sale could fetch as much as $2 billion.

A source told Reuters last week that Temasek will shortlist up to six bidders who will be allowed to carry out due diligence before making a final offer.

The Singapore government hopes to announce the winning bidder by the first quarter of next year. (Reporting by Kevin Lim; Editing by Ian Geoghegan: kevin.lim@reuters.com; Reuters Messaging: kevin.lim.reuters.com@reuters.net; +65 6403 5663))

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