Sembcorp Industries shoots down report of talks to acquire second power plant in India

SINGAPORE - Sembcorp Industries said on Wednesday that it is not in talks to acquire a 1,440 megawatt power plant in Odisha, India, from the GMR group.

India's Livemint, a business news website, reported earlier on Wednesday that the Singapore conglomerate and Korea Electric Power Corp. (Kepco) are in separate talks to buy GMR's Odisha plant.

However, when contacted by The Straits Times, Sembcorp Industries said the report is incorrect and the group is presently not looking at this deal.

The report highlights a growing interest in India's power sector, where foreign investments are pouring in to position for the country's growing need for electricity.

Just a week ago Sembcorp Industries announced that its first power project in India - Thermal Powertech Corporation India - has commenced commercial operation with the completion of its first 660 MW unit. A second similar unit starts its operation in the third quarter this year.