Globeleq's stake in Sasan acquired by Lanco Infratech, Jindal Steel
14 February 2007
Hyderabad: Lanco Infratech's Mauritius-based holding company Prince Stone Investments and Jindal Steel & Power Ltd (JSPL) together have acquired 100 per cent of the equity holding of Globeleq.
The consortium formed by Globeleq Singapore and Lanco Infratech successfully bid for the Sasan domestic coal-based ultra mega power project by the Power Finance Corporation in December 2006.
Now, the uncertainty about who would develop the ultra project has been resolved. Prince Stone Investments would acquire 60 per cent of Globeleq's stake and the rest would be held by JSPL.
Since Globeleq Singapore held 70-per cent stake in Sasan and with JSPL acquiring 40 per cent stake, Jindal Steel would now hold about 28 per cent of total equity in the project.
The 4,000-MW project is being implemented with domestic coal and the Lanco Globeleq consortium had quoted Rs1.19 paise per unit.