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Construction : BudgetExpectation | July 2014 | Source : Construction Update

Sembcorp acquires Additional stake in Thermal Powertech Ltd

Temasek owned Sembcorp has acquired additional 16 per cent stake in its Joint Venture entity Thermal Powertech Ltd for Rs. 4,000 million. The stake has been hiked from 49 per cent to 65 per cent, partly by way of conversion of cumulative participatory redeemable convertible Preference Shares into equity and partly by way of fresh infusion of Equity.

TPCIL is Joint Venture between GEVPL, is a wholly owned subsidiary of company of Gayatri Projects Limited and Singapore based Sembcorp Utilities, a wholly owned subsidiary of Sembcorp Industires Ltd, plans to developed, own and operate a 1320-MW (2x660MW units) coal-fired power plant located near sea coast of Bay of Bengal at Krishnapatnam, Mutukur Mandal, SPS Nellore District of Andhra Pradesh, India.

It has already signed a power purchase agreement for supply of 500 MW of competitive power to Central, Eastern, Southern and Northern Power Distribution Companies of Andhra Pradesh for 25 years.
 
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