M’sia Firms Seek Indian Power Stake – StarbizPrint this page
Date: 11 August 2005
Ranhill Bhd, Genting Bhd and Tenaga Nasional Bhd are among a group of foreign and Indian firms vying for a 49% stake in the 1,015MW Mangalore power project promoted by India’s Nagarjuna group. Others in the race are Suez Energy and two unnamed India companies. Nagarjuna group and its associate companies would hold at least 51% of equity in the power project, comprising 30% of the project cost. The race for the 49% stake started after Nagarjuna Power Corp Ltd (NPCL) completed all major milestones for project implementation. The last milestone completed was a final clearance from the state government for a revision in the terms of the power purchase agreement. The project is ready for financial closure next month.