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Gayatri Proj to divest stake in power unitGayatri Projects will dilute 49% stake in its 1,320 MW power project unit to a strategic partner in next two months and hopes to tie up the debt component for this by March end, a top official said. "Equity component is around 1,600 crores (Rs 16 billion). We are looking at diluting 49% to a strategic partner, we should be able to close the documents in next two months," Managing Director TV Sandeep Reddy told Reuters. Gayatri Energy Ventures, a wholly-owned unit of Gayatri Projects, is setting up a power plant near Krishnapatnam in southern India, under a wholly-owned special purpose vehicle. The company has got environmental clearance, has tied up coal for the project. It is in possession of 1,400 acres for the purpose, he said. "We are in a advanced stage of financial closure. Hopefully, by end of this month we will tie up the debt," Reddy said. http://www.moneycontrol.com/news/business/gayatri-proj-to-divest-stakepo...
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“We have identified a partner for strategic investment in the project from South East Asia. It is a major player in power sector with 4,000-5,000 mw capacity in operation. We have decided to offload about 49% equity in the power company to the partner,” K G Naidu, Gayatri’s CFO, told DNA.
http://www.dnaindia.com/money/report_gayatri-to-sell-49pct-in-power-proj...