In NCC Power Projects, Sembcorp will buy a majority stake for Rs 500 crore, sources revealed. Semcorp is a Singapore-based global utility services company. The deal, signed nearly at par of the investments made so far, signals foreign strategic investors' renewed interest in Indian power companies with all regulatory clearances.
Singapore's sovereign investor Temasek Holdings owns 49.5 per cent in Sembcorp. Sources in NCC confirmed the talks with Sembcorp and that a preliminary agreement has been signed.
An agreement will be signed in a month or two. NCC did not invest the total equity amount it was supposed to for 55% holding in the joint venture. Now, after the deal, Sembcorp will bring in the balance amounts, NCC sources said.