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Friday, September 12, 2014

YTL in talks to buy 49% in India's thermal power business

Source: http://www.thestar.com.my/Business/Business-News/2014/09/11/YTL-IN-TALKS-TO-BUY-49-PCT-STAKE-IN-THERMAL-POWER-BUSINESS-IN-INDIA/

NEW DELHI: Infrastructure conglomerate, YTL Corporation Bhd, is in talks with India's NSL Group to acquire up to 49% stake in NSL Orissa Power and Infratech, a thermal power business, Economics Times reported.
"The talks are now in an advanced stage and due diligence process is currently going on," the Business Daily quoted unnamed sources as saying.
The report said NSL Orissa Power was setting up a 1,320 MW coal-fired power project in Angul district of Orissa involving an investment of around Rs8,000 crore (US$1.314bil) which is being funded through debt equity of 70:30. 
The report also said Alstom India was awarded the contract to supply the equipment, including boiler and turbine for the plant. 
"YTL is also in talks with NSL group to buy a majority stake in the operations and maintenance arm of the Orissa project," the report quoted the source as saying.
YTL, which reported US$6.1bil revenue for the year ended June 2014, has power assets across Malaysia, the United Kingdom, Singapore, Australia and Indonesia. - Bernama

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