Mumbai: Gayatri Projects Ltd said on Friday Singapore’s Sembcorp Industries has infused the first tranche of Rs360 crore for a 49% stake in unit Thermal Powertech Corp, which is setting up 1,320 MW plant in Andhra Pradesh.
The total consideration for the stake - Rs1,040 crore - will be bought in tranches, as per the requirement of the project, the company said in a press release.
Thermal Powertech, a joint venture between Gayatri Energy Ventures and Sembcorp’s wholly-owned utilities business, is set to build, own and operate the coal-fired power plant.
The firm had said in September it had achieved financial closure of Rs6,869 crore for this project, of which the debt component was Rs5,151 crore while the remainder was through equity.
The debt has been arranged from Rural Electrification Corp, Power Finance Corp., Punjab National Bank, United Bank of India, Bank of Baroda and others.
The company has already started construction of its power facility and expects commercial operations to start in the next 36 months, it said.
At 10.59 am, shares in the firm were up 0.69% at Rs218 in a Mumbai market that was down 0.41%.