INDIA BUSINESS WORLD - NOVEMBER 16th - NOVEMBER 30th
- 2007
GE ENERGY FINANCIAL BUYS 26% OF SAYI POWER
GE Energy Financial Services, a unit of GE, has acquired nearly 26% stake in Sayi Power Energy that is the majority owner of KSK Power Venture. The company did not divulge financial details of the transaction.
"This transaction reinforces GE Energy Financial Services' growth in India's power market," said GE Energy financial services India managing director Raghuveer Kurada.
Earlier this year, GE Energy Financial Services made a debt investment of $17 million to Binani Cement for construction of a 22.3 mw thermal power plant and associated common utilities in Rajasthan.
KSK, which develops and owns downstream energy assets throughout India, is the country's first power generation company to be listed overseas; its shares trade on the London Stock Exchange's Alternate Investment Market. KSK's portfolio of existing and future power generation assets is diversified across fuel types throughout India. The company has accumulated eight projects in operation or under construction, representing 875 mw of capacity. KSK's pipeline of future projects totals 3,200 mw and is expected to come on line by 2012.
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