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Sembcorp Utilities has increased its stake in Thermal Powertech Corporation from 49% to 65%.
Thermal Powertech, a joint venture between Singapore-based Sembcorp Utilities and a subsidiary of India’s Gayatri Projects Ltd, is implementing a 1,320-MW thermal power project in Krishnapatnam, Andhra Pradesh.
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 in the venture.
Gayatri Projects, at its board meeting in May, had intimated about the change in status of Thermal Powertech.
The 660-MW phase one of the coal-fired Krishnapatnam project is likely to be commissioned later this year and the second unit early next year.
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