GTL Limited has decided to hive off its energy management business to UK-based Intelligent Energy’s subsidiary Essential Energy for about Rs 8.5 billion. The deal will be executed through a slump sale in which one or more undertakings are transferred for a lump sum, without values being assigned to individual assets and liabilities. The proceeds from the sale will be used by GTL to pay off its lenders.

The acquisition is expected to help Essential Energy in establishing itself in the Indian distributed power and generation space, starting off with the telecom infrastructure market.