Nagarjuna Construction Picks 55% In Nelcast Energy
Blackstone and ace investor Rakesh Jhunjhunwala-backed infrastructure firm Nagarjuna Construction has acquired 55% stake in power generation company Nelcast Energy Corporation Limited for an undisclosed amount.
January 19, 2011 / 10:31 IST
Blackstone and ace investor Rakesh Jhunjhunwala-backed infrastructure firm Nagarjuna Construction has acquired 55% stake in power generation company Nelcast Energy Corporation Limited for an undisclosed amount.
An associate company of iron castings firm Nelcast Ltd, Nelcast Energy is developing a 1,320 MW thermal power project at Krishnapatnam in Andhra Pradesh. The project, which will be fed by imported coal, is estimated to cost Rs 6,822 crore.Last September, Nelcast Ltd had said it has struck a deal to sell its minority stake in the power generation firm that will bring it additional profit to the extent of Rs 79 crore and the transaction was expected to be completed by end of third quarter (December
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