Sembcorp’s wholly-owned subsidiary Sembcorp Utilities has entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures, a wholly owned subsidiary of Gayatri Projects Limited to acquire the remaining 5.95 per cent stake in Sembcorp Energy India Limited for Rs 4,060 million. The acquisition will be funded through a mix of internal funds and borrowings. The proposed acquisition will be completed by the end of 2019.
Sembcorp Energy India Limited (SEIL), formerly known as Thermal Powertech Corporation of India Limited (TPCIL), is a leading independent power producer (IPP) in the country. SEIL is promoted by Sembcorp Utilities Pte Limited, a wholly owned subsidiary of Singapore-based global conglomerate Sembcorp Industries. The Sembcorp Group, which owns more than 12 GW of projects globally, entered the Indian market in 2010 with the acquisition of a 49 per cent stake in TPCIL. Today, it is one of the largest foreign investors in the Indian power sector.
In an interview with Renewable Watch, Vipul Tuli, managing director, Sembcorp Energy India Limited, spoke about the current state of the Indian renewable energy sector, the key highlights of 2019, and the key policy and regulatory issues that need to be addressed. The interview can be read here: https://renewablewatch.in/2019/11/03/interview-with-vipul-tuli/