NCC Infrastructure Holdings, a subsidiary of NCC has entered into share sale agreement with Sembcorp Utilities, for sale of a portion of the stake held in Sembcorp Gayatri Power (SGPL) (formerly NCC Power Projects). SGPL is implementing the 1320 MW Coal Fired Power Project near Krishnapatnam, Nellore, Andhra Pradesh.
The present transaction involves sale of 21.60 crore Equity Shares of Rs 10 each held by NCCIHL in SGPL to SCU for a gross consideration of Rs 301.26 crore (including interest). NCC is the EPC Contractor for the Power Project being implemented by SGPL. After adjustment of the additional Mobilisation Advance received from SGPL for execution of the Project, the company will be receiving net amount of Rs 77.04 crore.
NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.