Moneycontrol Bureau
Shares of Gayatri Projects rallied 5 percent intraday Friday after its subsidiary signed 8-year power purchase agreement with Telangana power distribution companies.
"Thermal Powertech Corporation India (TPCIL) has signed a long term power purchase agreement (PPA) with the Telengana power distribution companies," the Hyderabad-based infrastructure & construction company said in its filing.
TPCIL is a joint venture between Gayatri Energy Ventures (a wholly owned subsidiary of Gayatri Projects) and SembCorp Utilities, which owns & operates a 1320 MW coal-fired power plant in Andhra Pradesh.
Under PPA, 570 megawatts of power will be sold to southern and northern power distribution companies of Telengana for eight years.
Gayatri Projects said together with 500 MW of power supplied to Andhra Pradesh and Telengana power distribution companies under a 25-year PPA, TPCIL has secured more than 85 percent of its net total generating capacity under long term PPAs.
"With this, TPCIL is now eligible for mega power status," Atul Nargund, CEO of TPCIL said. At 09:24 hours IST, the scrip of Gayatri Projects was quoting at Rs 563.30, up Rs 17.00, or 3.11 percent on the BSE.Posted by Sunil Shankar Matkar
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