Gammon Infrastructure Projects has sold its 50% stake in the 12MW operational biomass power plant of Punjab Biomass Power at Ghanour to its joint venture partner for a cash consideration. Further, the company has also sold its 50% stake in seven other biomass power projects in Punjab to its joint venture partner and has in turn bought an additional 50% stake in six biomass power projects in Haryana and one in Punjab from the joint venture partner.
The company, as a result of the transaction, will have 100% stake in biomass projects to generate 66 MW power. The transaction, however, is subject to the approval of the concerned authorities and lenders.
Recently, Gammon Infrastructure Projects had achieved the financial closure of the Paradip Iron Ore Terminal Project, which envisages construction and equipping of a berth to handle an annual throughput of 10 million tonnes of iron ore. The company had a total of 31% equity stake in Blue Water Iron Ore Terminal, the special purpose vehicle implementing the project.
Gammon Infrastructure Projects (GIPL) is an infrastructure project development company. The company is among the first companies in India to be modeled as an infrastructure developer holding company with investments spread across various sectors.