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Construction : Deals | October 2012 | Source : Construction Update

GSPC invites EoI for stake sale in GPPC

Gujarat State Petroleum Corporation (GSPC) invites investors to buy up to 49 per cent stake in its integrated power generation arm, GSPC Pipavav Power Company (GPPC).

SBI Capital Markets, its financial advisor for soliciting equity participation, on September 6, invited global expression of interest (EoI) from interested parties for purchase of substantial minority stake up to 49 per cent by September 24. The company is expected to take a decision on this soon.

It is learnt that GSPC is looking for more liquidity and hence it decided to invite EoI for GPPC. GPPC, which is jointly promoted by GSPC and Gujarat Power Corporation (GPCL), is currently developing a 702-mw greenfield, gas-based power plant at Kovaya village in Amreli district at a cost of Rs 3,000 crore. Its two units of 351 mw each may be commissioned in December 2012 and March 2013.

The company had also commissioned a 5-mw photo-voltaic (crystalline) solar power project in March at a solar park in Charanka village, Patan district, where it invested Rs 65 crore.

GPPC had executed an agreement with GSPC for long-term supply of 3.2 million standard cubic metres a day gas for its Amreli plant.
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