In independent developments, NTPC has acquired the Jabhua power plant under the NCLT route, while Sembcorp has announced the sale of its Indian coal-fired power plants to Oman-based Tanveer Infrastructure.
Jabhua Power
NTPC acquired the 600-mw Jabhua power plant from Avantha Group (Gautam Thapar) through a corporate insolvency resolution process initiated by the National Company Law Tribunal (NCLT), Kolkata.
This is the first acquisition of a power asset by NTPC through NCLT route and represents a step forward in accomplishing NTPC’s long-term capacity targets, NTPC said.
Post-acquisition of the operational Jabhua plant located in Seoni, Madhya Pradesh, NTPC has become a 70+ GW company with total installed capacity of 70,064 mw.
The shareholders’ agreement was signed between NTPC, Jabhua Power Ltd (JPL) and secured financial creditors on September 5, 2022. Under this resolution plan, NTPC has offered 50 per equity stake in JPL to secured financial creditors while retaining full management rights and control.
Sembcorp India sells assets
Sembcorp Industries announced that its wholly-owned subsidiary Sembcorp Utilities has entered into a share purchase agreement to sell 100 per cent of the shares of Sembcorp Energy India Ltd to Tanweer Infrastructure Pte. Ltd.
SEIL is one of the largest independent power producers in India, operating two supercritical coal-fired plants totalling 2.6GW. The proposed sale is for a consideration of Rs.11,700 crore, and will result in the deconsolidation of SEIL from Sembcorp, with Tanweer Infrastructure becoming the sole shareholder of SEIL on completion.
The proposed sale aims to accelerate the process of transforming Sembcorp’s power portfolio from “brown” to “green”.
Upon completion of the sale, 51 per cent of Sembcorp’s global energy capacity will be renewable energy, up from 43 per cent. Post-sale, Sembcorp will have an energy portfolio of 14 GW, with 7.1 GW of renewable energy capacity comprising solar, wind and energy storage globally.
Tanweer Infrastructure is indirectly owned by a consortium led by Oman Investment Corporation S.A.O.C – a leading Omani private equity investment company — in partnership with the Ministry of Defence Pension Fund, Oman, one of Oman’s largest pension funds, and Dar Investment SPC.
Featured photograph shows the 600-mw coal-fired power plant of Jabhua Power Ltd, now acquired by NTPC.
