Sembcorp invests additional $84m to raise stake in Indian power plant

SINGAPORE - Sembcorp Industries (SCI) has raised its shareholding in Thermal Powertech Corporation India from 49 per cent to 65 per cent, with a fresh investment of about Rs 400 crores (S$83.7 million).

With this increase in stake, Thermal Powertech has become a subsidiary of SCI.

The remaining 35 per cent is owned by Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects.

Thermal Powertech owns and is developing a 1,320-megawatt coal-fired power plant in Krishnapatnam in Andhra Pradesh, India.

This is SCI's first power project in India and is scheduled to commerce commercial operation of its first unit in the fourth quarter of this year.

The second unit is expected to be completed in 2015.

SCI has two power projects with a total capacity of 2,640 megawatts in India: the Thermal Powerteck project, as well as another 1,320-megawatt coal-fired power plant that is currently under development by NCC Power Projects.

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