Sembcorp: Stake In Thermal Powertech Corporation India Increases From 49% To 65% For S$86.7 Million

Sembcorp Industries' shareholding in Thermal Powertech Corporation India has increased from 49% to 65%. The total investment for the incremental 16% stake amounts to approximately Rs 400 crores, approximately S$83.7 million, financed by a mix of internal funds and borrowings. The investment amount was arrived at by taking into account mainly the book value of the project. With this increase in stake, TPCIL now becomes a subsidiary of Sembcorp. The remaining 35% is owned by Gayatri Energy Ventures, a wholly-owned subsidiary of Gayatri Projects.