Sembcorp to acquire stake in NCC-Gayatri power project

Sembcorp Industries, a Singapore-based energy, water and marine group, has signed a conditional agreement to acquire 45 per cent stake in NCC Power Projects (NCCPP), which is currently building a 1,320-MW coal-fired power plant in Andhra Pradesh for Rs 848 crore. NCCPP is jointly owned by Gayatri Energy Ventures (GEVPL) and NCC Infrastructure Holdings (NCCIHL). Once the deal is through, Sembcorp will hold 45 per cent of NCCPP, while the remaining 55 per cent will be held by NCCIHL.NCCPP-´s upcoming plant is located on a site adjacent to Thermal Powertech Corporation India (TPCIL), Sembcorp-´s first power plant investment in India. At present, the NCCPP project is about 30 per cent completed and it is expected to come on-stream in early 2016.