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New Delhi, Nov. 15 GE Energy Financial Services announced on Thursday that it has acquired about 26 per cent stake in Sayi Power Energy Ltd, a majority shareholder of power project developer KSK Power Venture Plc, for an undisclosed amount.

“The transaction reinforces GE Energy Financial Services’ growth in India’s power market,” the company’s Managing Director (India), Mr Raghuveer Kurada, said in a press release. He said that KSK’s leadership in mid-sized captive power generation and access to dedicated low-cost fuel reserves created opportunities for “sizeable” additional investment in new power projects in India.

“We will play a strategic role in helping KSK to carry out its growth plans,” he added.

Earlier this year, GE Energy Financial lent $17 million to Binani Cement Ltd for construction of a 22.3-MW thermal power plant in Rajasthan. KSK Power Venture, which owns downstream energy assets in India, is listed on London Stock Exchange’s Alternate Investment Market. The company has eight projects, either in operation or under construction, representing 875 MW in capacity.

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