China's grid giant plans to quadruple overseas assets by 2020
BEIJING (REUTERS) - State Grid Corp of China plans to more than quadruple its overseas assets to between US$30 billion (S$36.7 billion) and US$50 billion by 2020 from the current US$8 billion, as the country's dominant power grid distributor seeks to further diversify from the domestic market, the company president said.
"Our global business is a very important part of the overall business of State Grid," Mr Liu Zhenya told a media briefing on the sidelines of the 18th Communist Party Congress in Beijing.
Overseas assets should account for at least one tenth of State Grid's current total assets of around 2.3 trillion yuan (S$446.4 billion) by 2020, he said.
China's cashed-up state power groups have been scooping up overseas assets in the past few years, with State Grid - the world's largest state utility - establishing a presence in the Philippines, Brazil and Portugal.