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Sembcorp Utilities has increased its stake from 49 per cent to 65 per cent in Thermal Powertech Corporation Ltd, a joint venture with a subsidiary of Gayatri Projects Ltd, implementing the 1,320-MW thermal power project at Krishnapatnam in Nellore district of Andhra Pradesh.
The project is being implemented through a joint venture between Sembcorp of Singapore and Gayatri Projects Ltd of Hyderabad.
Sembcorp has consolidated its stake in the venture. From 49 per cent stake it had earlier, it has increased its stake to 65 per cent. The increase in stake was partly by way of conversion of Cumulative Participatory Redeemable Convertible Preference Shares into equity and partly by way of fresh infusion of equity. With this, Gayatri Projects' stake has come down to 35 per cent.
Gayatri Projects at its board meeting in May 2014 had intimated about the change in status of Thermal Powertech, as a subsidiary to Gayatri (GPL).
Thermal Powertech Corporation India Ltd is a joint venture between Gayatri Energy Venture Pvt Ltd, a wholly-owned subsidiary company of Gayatri Projects Ltd., and Singapore-based Sembcorp Utilities, a wholly-owned subsidiary of Sembcorp Industries Ltd. It is in the advanced stage of developing a 1,320 MW (2x660 mw units) coal-fired power plant located near sea coast of Bay of Bengal at Krishnapatnam.
The phase one of 660 MW is likely to be commissioned later this year and another unit early next year.
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