Gayatri Projects’ subsidiary - Gayatri Energy Ventures (GEVPL) and NCC Infrastructure Holdings (NCCIHL), wholly owned subsidiary of NCC, who jointly own NCC Power Projects (NCCPPL), is implementing the 1320 MW Coal Fired Power Project near Krishnapatnam, Nellore in state of Andhra Pradesh has entered into definitive agreements with Sembcorp Utilities (SCU), Singapore, wholly owned subsidiary of Sembcorp Industries, for divestment of 45% of the stake in NCCPPL.
Upon completion of the transaction, SCU will hold 45% stake of NCCPPL and the remaining 55% will be held by NCCIHL, which in turn will be jointly owned by NCC & GEVPL. The transaction with SCU is subject to the satisfaction of conditions precedent including approvals which are customary for a transaction of this size and nature. NCCPPL would enter into additional conditional agreements, which would give SCU right and obligation to acquire a further stake in the company of up to 20% subject to required approvals.
Capital Fortunes, Hyderabad, India, acted as the sole advisor to NCCPPL and its current shareholders - NCCIHL and GEVPL on this transaction. Capital Fortunes had also handled the Financial Closure in early 2012 for NCCPPL with project cost of over Rs 7,000 crore.
SCU is a leading developer, owner and operator of energy and water assets with strong operational and technical capabilities. SCU has over 5,900 MW of power capacity installed and under development and operates in 6 Continents with an established presence in Asia and a strong growing presence in emerging markets around the world.
Company Name | CMP |
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Larsen & Toubro | 3432.80 |
Rail Vikas Nigam | 266.85 |
KEC International | 740.00 |
Kalpataru Projects | 1204.40 |
NCC | 242.00 |
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