Nigerian firm: CESC to advise investors

CESC to advise consortium of local investors on managing a Nigerian company
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First Published: Fri, Nov 09 2012. 03 11 PM IST
Sanjiv Goenka, chairman, CESC Ltd. Under the arrangement, CESC would receive a fee of $2.5 million (around `13.75 crore ) each year for five years. Photo: Indranil Bhoumik/Mint
Sanjiv Goenka, chairman, CESC Ltd. Under the arrangement, CESC would receive a fee of $2.5 million (around Rs.13.75 crore ) each year for five years. Photo: Indranil Bhoumik/Mint
Updated: Sat, Nov 10 2012. 12 05 AM IST
Kolkata: Power utility CESC Ltd would advise a consortium of local investors on managing a state-owned distribution company in Nigeria, Sanjiv Goenka, chairman, CESC Ltd, said.
The Nigerian government was to sell a 60% stake in the distribution firm to private investors, Goenka said.
Under the arrangement, CESC would receive a fee of $2.5 million (around Rs.13.75 crore ) each year for five years.
If the venture goes well, CESC could take a 6% equity stake in the distribution company, Goenka said.
CESC on Friday said that its net profit for the July-September quarter jumped 19.2% to Rs136 crore compared to a year ago period.
Its revenue for the period increased by 14.5% to Rs1,344 crore.
The company’s fuel costs increased marginally by 2% to Rs455 crore while its employee expenses rose 14% to Rs139 crore.
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First Published: Fri, Nov 09 2012. 03 11 PM IST
More Topics: CESC | nigeria | sanjiv goenka | turnover |
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