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GPPC invites EOI for upto 49% stake sale

The state-run `GSPC Pipavav Power Company Ltd' (GPPC) has invited Expression of Interest (EOI) for upto 49% stake sale.

September 12, 2012 / 10:07 PM IST
 
 
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The state-run 'GSPC Pipavav Power Company Ltd' (GPPC) has invited Expression of Interest (EOI) for upto 49% stake sale.


The company has appointed SBI Capital Markets as financial adviser to solicit equity participation. "GPPC invites proposal for equity investment in the company, a two-stage process of EOI and Request for Proposal....SBICAP solicits EOI from interested parties for purchase of susbtantial minority stake (to the extent of 49%)," reads the company's tender notice.


The proposed shareholding of the company -- promoted by Gujarat State Petroleum Corporation (GSPC) and Gujarat Power Corporation Limited (GPCL) -- will be GSPC (34) and GPCL (17), after 49% stake goes to an outside investor. GPPC is setting up 702 MW (2 x 351 Mw) gas-based power projects at Kovaya, district Amreli, in Gujarat with anticipated investment of Rs 2,922 crore, having debt/equity ratio of 80:20.


The plant capacity can be scaled up to 1050 MW. The units are expected to achieve commercial operations by December 2012 and March 2013, a company statement stated. The equity component is around Rs 585 crore. "A fund raising of over Rs 300 crore is estimated through the stake sale," a GPPC official said. GPPC has also commissioned a 5 MW photo-voltaic solar power plant in Gujarat's Solar Park at Charanka Village, at the cost of Rs 64.41 crore.