Gayatri ties up coal supplies for Krishnapatnam power project with Indonesian firm
25 Feb 2012
Infrastructure major Gayatri Projects has tied up coal supplies for its upcoming 1,320-MW thermal power project at Krishnapatnam with PT Bayan Resources Tbk, an Indonesian coal producer.
Thermal Powertech Corporation (India) Ltd (TPCIL), a subsidiary of Gayatri Projects Ltd, signed the agreement with PT Bayan Resources for the supply of 1 million tonnes of coal for 10 years.
The power project is being set up through TPCIL, a special purpose vehicle.
Gayatri Projects owns 51 per cent stake in TPCIL through its wholly owned subsidiary Gayatri Energy Ventures Pvt Ltd while Sembcorp owns 49 per cent stake in TPCL through its wholly owned subsidiary Sembcomb Utilities.
The project is being set up with an outlay of Rs6,869 crore and funded through debt of Rs5,151 crore and Rs1,718 crore in equity.
With 100 per cent domestic coal supplies uncertain, the company considers this deal as a major milestone towards commissioning the project in 2014.
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