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Infrastructure and construction companies Gayatri Projects Ltd and NCC Ltd, which are jointly setting up a 1,320-MW thermal power project in Andhra Pradesh, are at an advanced stage of talks with Sembcorp of Singapore for selling a stake in the project.
The power plant venture, NCC Power Projects Ltd, being executed near Krishnapatnam in Nellore district, is currently holding discussions with Sembcorp, which is backed by the Singapore Government. Phase one of the project is expected to be commissioned by March 2015, sources told Business Line .
The discussions are subject to detailed technical, financial, commercial and legal due diligence, according to Gayatri Projects, which is a major partner in the power project. Gayatri Projects, which is developing another power plant close to the Krishnapatnam project —Thermal Powertech Ltd – has already attracted investments from Sembcorp.
According to sources, this association is likely to continue into this project. Refraining to make any further comment on the current talks with Semcorp, an official said the talks are at an advanced stage. The process normally takes six to nine months to conclude even if both parties are willing.
In a statement to BSE, Gayatri Projects has mentioned that as a result of the proposed investment by the Singapore company, the stake of Gayatri Energy Ventures Ltd in the project may be reduced to below 45 per cent.
An NCC spokesperson declined to comment.
>rishikumar.vundi@thehindu.co.in
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