NCC’s subsidiary - NCC Infrastructure Holdings (NCCIHL) has entered into share sale agreement with Sembcorp Utilities (SCU), for sale of a portion of the stake held in Sembcorp Gayatri Power (SGPL) (formerly NCC Power Projects). This step has been taken as a part of NCCIHL’s strategic initiatives to divest the stake held in the various SPVs in which it has invested.
SGPL is implementing the 1320 MW Coal Fired Power Project near Krishnapatnam, Nellore, Andhra Pradesh. The present transaction involves sale of 256,844,470 equity shares of Rs 10 each held by NCCIHL in SGPL to SCU for a gross consideration of Rs 352.00 crore (including interest). NCC is the EPC contractors for the Power Project being implemented by SGPL.
SCU is a leading developer, owner and operator of energy and water assets with strong operational and technical capabilities. SCU has over 10,600 MW of power capacity installed and under development with an established presence in Asia and a strong growing presence in emerging markets around the world.
