Gayatri Projects Ltd said its unit Gayatri Energy Ventures Pvt Ltd will set up a 1,320 MW (660 x 2 MW) phase I supercritical technology based thermal power plant, worth Rs6,869 crore, at Krishnapatnam in Andhra Pradesh, in a joint venture with Sembcorp Utilities Pte Ltd.
The project is being implemented by a special purpose vehicle called Thermal Powertech Corporation India Ltd. The estimated cost of the 1,320 MW (Phase I) project is Rs6,869 crore. The debt component would be Rs5,151 crore and the equity would be Rs1,178 crore. According to the agreement, Sembcorp Utilities, a wholly owned subsidiary of Sembcorp Industries Ltd, will be investing about Rs1,100 crore in Phase I of the project.
On Tuesday, Gayatri Projects ended 7.59% down at Rs418.40 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.71% down at 16,022.48 points.
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