China State Grid to sell coal power unit for $7.9bn

The State Grid Corp of China (SGCC), the country's largest power transmission and distribution firm, plans to sell a coal and power generation unit with assets worth about 50 billion yuan ($7.9 billion) to Shenhua Group.

Sources told Reuters that the sale of State Grid Energy Development Co Ltd has yet to be approved by the State-owned Assets Supervision and Administration Commission (SASAC).

Shenhua Group
is the parent of China Shenhua Energy Corp Co Ltd , which runs a big network of power plants and produces the largest volume of coal among Chinese miners.

State Grid news department officials could not immediately comment, and a news official with Shenhua denied having any knowledge of the deal. Government officials at SASAC were not available for comment.

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