Hyderabad: French energy company GDF Suez SA has consolidated its India presence with the acquisition of a 74 per cent stake in Meenakshi Energy and Infrastructure Holdings Pvt Ltd.
It is executing a 1,000-MW thermal power plant at Krishnapatnam in Nellore district of Andhra Pradesh.
Meenakshi Energy is part of the Hyderabad-based Meenakshi group, which is into power, infrastructure (roads), special economic zones and property development.
The Group will retain the remaining 26 per cent stake in the project.
The project comprises 300 MW of operational capacity and 700 MW under construction. More than 50 per cent of the work has been completed in the 700-MW portion and is likely to be commissioned by March 2015.
The unit one is based on imported coal and the remaining part of the project has fuel linkage from Mahanadi Coalfields Ltd.
“The Rs 6,000-crore project will see investment of about $400 million to complete,” D. Suresh, Chairman and Managing Director, Meenakshi Energy, told Business Line.
Meanwhile, PTC India Financial Services Ltd (PFS) has divested its entire 16.76 per cent stake in Meenakshi Energy for Rs 209.73 crore. PTC India Ltd is the promoter of PTC India Financial Services, and holds 60 per cent stake in the latter.
R.M. Malla, MD and CEO, said, “We planned this exit keeping in view the right opportunity and the robust return which will augment the company’s net worth. We remain confident of maintaining the pace of growth of our business.”
The proceeds will help strengthen the balance sheet and augment loan book growth.
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