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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