Sembcorp to buy 49% in Gayatri's power plant for Rs 1,042cr

Singapore-based infrastructure group Sembcorp Industries has invested Rs 364 crore as the first tranche of its total commitment of Rs 1,042 crore for picking 49% stake in Thermal Powertech Corporation India Ltd. IL&FS Private Equity-backed infrastructure firm Gayatri Projects is the Indian partner for the joint venture that will build, own and operate a 1,320 MW coal fired power unit at Krishnapatnam in Nellore (Andhra Pradesh).

The project that will have two units of 660 MW each has already achieved financial closure and the firm has signed definitive agreements with lenders for a debt of Rs 5,151 crore. Construction of the project has already commenced and commercial operations is expected to begin in the next 36 months.

Gayatri Projects had last month said, it is planning to invest up to Rs 1,000 crore in a separate power generation business run by Nagarjuna Construction and is looking to raise as much as Rs 400 crore through a rights issue to build its resources. The company, that also has private investment from ChrysCapital