Thursday, May 28, 2015Thursday, May 28, 2015

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.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!