Malaysian conglomerate Genting said yesterday that it has bought stakes in four power plants in China from subsidiaries of natural gas company El Paso Corp for RM264.15 million (US$70 million).

Houston-based El Paso held a 26.2 percent indirect ownership stake in the 724-megawatt Meizhou Wan power plant; an 80 percent stake in the 76-megawatt Nanjing power plant; and 60 percent stakes in each of the 109-megawatt Suzhou and 42-megawatt Wuxi power plants.

Following the completion of the deal, Genting now holds indirect ownership of those stakes, it said in a statement to the official Bernama news agency.

Genting also owns stakes in power-related assets in India.