- POSTED: 03 Feb 2014 13:15
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Sembcorp Industries (Sembcorp) has signed an agreement to acquire a 45 per cent stake in a company which is building a power plant in India's southern region.
SINGAPORE: Sembcorp Industries (Sembcorp) has signed an agreement to acquire a 45 per cent stake in a company which is building a power plant in India's southern region.
In a filing with the Singapore Exchange, Sembcorp said it will be investing about S$175 million for its 45 per cent interest in NCC Power Projects.
NCC Power Projects is currently building a 1,320-megawatt coal-fired power plant along the coast of Nellore in Andhra Pradesh.
Sembcorp said this project will double Sembcorp's power generation capacity in India, and increase its footprint in India's growing power market.
The new project is located on a site next to Sembcorp's other power plant in India. Sembcorp said the two plants will utilise the same infrastructure, such as that for coal importation and logistics. They will also be run by the same Sembcorp management team in Nellore.
Tang Kin Fei, Sembcorp's group president and CEO, said: "With our first power project in India progressing well and on track for completion this year, we are now pleased to embark on our second power plant investment there.
"This acquisition will provide the opportunity for Sembcorp to increase our foothold in India's power market, where we see opportunities for our business to grow significantly in the years to come."