The Canadian PressMay 17, 2013 04:45
SYDNEY - China's State Grid Corp. is buying a stake in an Australian electricity network company for about $800 million.
SP AusNet, which operates the electricity network in Australia's Victoria state and a gas network, said Friday that State Grid is buying the 19.9 per cent stake from Singapore Power Ltd.
State Grid is the world's largest utility company with annual revenue of $300 billion. It has a growing international business with investments in Brazil, Portugal, Australia and the Philippines.