NCC To Divest Portion Of Its Stake In SGPL For Rs 320 Crore

NCC To Divest Portion Of Its Stake In SGPL For Rs 320 Crore
New Delhi: Infra firm NCC Ltd on Tuesday said that its arm NCC Infrastructure Holdings Ltd has entered into an agreement with Sembcorp Utilities Pte Ltd for sale of portion of its stake held in Sembcorp Gayatri Power Ltd for Rs 320 crore.

"As part of the strategic initiatives to divest the stake held in SPVs in which it has invested, NCC Infrastructure Holdings Ltd (NCCIHL) has entered into a share sale agreement with Sembcorp Utilities Pte Ltd (SCU) for sale of stake in Sembcorp Gayatri Power Ltd," NCC Ltd said in BSE filing.

Sembcorp Gayatri Power Ltd (SGPL) is implementing 1,320 MW of coal fired projects in Krishnapatnam in Andhra Pradesh. According to statement, the present transaction involves 25.68 crore equity share of Rs 10 each held by NCCIHL in SGPL to SCU for a gross consideration of Rs 320 crore.

NCC Ltd is the engineering procurement and construction contractor for power projects being implemented by the SGPL.

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