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Singapore's Sembcorp to take 65% in Nagarjuna's power biz
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- Shapoorji Pallonji bags construction contract from Max India
Singapore's Sembcorp to take 65% in Nagarjuna's power bizKatya B Naidu | Mumbai January 15, 2014 Singaporean power giant Sembcorp Industries is close to sealing a deal with Hyderabad-based Nagarjuna Construction Company (NCC) to pick up a 65 per cent in the latter's power business. The deal, pegged at $250 million (about Rs 1,525 crore) and expected to be signed this week, will be one of the biggest in the sector. “It is the mother of all deals,” said a person involved with the transaction. NCC, which entered the power-generation sector in 2007, has been working on setting up a 1,320-Mw coal power plant at Krishnapatnam in Andhra Pradesh, which has a total project cost of Rs 7,000 crore. While it will get 70 per cent of its coal requirement from domestic sources, the rest will have to be imported. Mahanadi Coalfields, a subsidiary of Coal India, will supply coal to this project. Recently, French energy major GDF Suez agreed to invest as much as $400 million (about Rs 2,440 crore) in Meenakshi Energy for a 74 per cent stake. It owns a 700-Mw power plant in the same area where NCC’s power plant is located. In 2010, there were private equity deals in the power businesses of GMR and GVK.
NCC did not respond to queries on the deal. With this deal, Sembcorp will not only expand its asset portfolio in India, but also extend its power asset base near Kakinada in Andhra Pradesh. The Singaporean firm already has a 49 per cent stake in another under-construction thermal power plant in Krishnapatnam, which has become a power hub. It owns the plant with Gayatri Projects as its majority owner. Sembcorp, which is backed by Temasek, the private investment arm of the Singapore government, has an installed capacity of about 10,000 Mw across the world. The company owns and operates water and energy utilities in West Asia, China and the UK, apart from Singapore and India. Shapoorji Pallonji bags construction contract from Max IndiaPress Trust of India | New Delhi January 8, 2014 Max India group firm Antara Senior Living has roped in construction major Shapoorji Pallonji for its housing project for the elderly at Dehradun, being developed at a cost of Rs 520 crore.
"Antara Senior Living joins hands with the leading engineering and construction conglomerate Shapoorji Pallonji and appoints them as the civil contractor for their first senior living community in Purukul, Dehradun," the company said in a statement. Shapoorji Pallonji Engineering and Construction (SPEC) will be responsible for all civil and structural works of the project, it added.
The value of the contract was not disclosed. Construction work has started and completion is expected in early 2016. The project spread over 20 acre comprises 217 apartments ranging in size from 1,500 square feet to 7,000 sq ft. The apartments will cost between Rs 1.25 crore and Rs 4.5 crore. The project also has three penthouses, each priced at Rs 7 crore.
"The strategic decision of partnership with Shapoorji Pallonji has been taken to ensure that Antara delivers a community with an un-parallelled infrastructure offering and services as its core differentiator," the statement said. Antara Senior Living, the new business venture of the Max India Group, focuses on people over the age of 60 and its first initiative is to create residential communities that offer 'Lifestyle with Lifecare' for senior citizens. The company has tied up with architects and designers Perkins Eastman (New York) and Esteva & Esteva (Spain).
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