SINGAPORE, Feb 23 (Reuters) - Singaporean industrial conglomerate Sembcorp Industries said on Friday it has begun the process for an initial public offering of its Indian energy business and was planning to sell some utilities assets as part of its strategic review.
The company said it expected the divestments to provide estimated cash proceeds of up to S$500 million ($379.19 million). This did not include potential proceeds from the proposed IPO of Sembcorp Energy India Ltd, it said.
Sembcorp Industries, the biggest shareholder in rig-builder Sembcorp Marine, also reported a net profit of S$22.8 million for the fourth quarter, a drop of 85 percent from the same period a year ago.
$1 = 1.3186 Singapore dollars Reporting by Aradhana Aravindan; Editing by Paul Tait