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Sembcorp Industries acquires stake in India power plant for $175m

Published on Feb 3, 2014 10:23 AM
 

Sembcorp Industries said on Monday it has agreed to buy a stake in a coal-fired power plant in India.

The Singapore-listed company has signed a conditional agreement to acquire 45 per cent of NCC Power Projects, which is building a 1,320-megawatt plant along the coast of Nellore in Andhra Pradesh, for about 8.48 billion rupees (S$175 million).

This project "will double Sembcorp's power generation capacity in India and increase its footprint in the country's growing power market", the company said in a press release.

It also "strengthens Sembcorp's position in India's power sector, which is expected to grow substantially over the next decade", Sembcorp added.

 
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