Sembcorp Industries said that it had begun the process for an initial public offering of its Indian energy business.

The company is also planning to sell some utilities assets as a part of its strategic review, as reported by Reuters.

The Company said that it expects the divestment to provide proceeds of up to S$500 million (USD379.19 million). This value does not include the proceeds from the proposed IPO of Sembcorp Energy India Ltd, it said in a statement.

The Company has filed a draft preliminary prospectus for the listing on BSE Ltd and the National Stock Exchange of India.