GVK to acquire two coal-fired power cos

GVK-PIL is currently negotiating with three global private equity funds to divest up to 25% stake in its power business Hyderabad: City-based infrastructure firm GVK Power and Infrastructure Ltd, or GVK-PIL, is buying a controlling stake in two thermal power generation firms, a top executive said, without naming the utilities. “We are currently in the process of acquiring controlling stake in two coal-fired power companies with a cumulative power generation capacity of 1,800MW in the domestic market,” said Issac A. George, GVK group’s chief financial officer. Declining to identify the firms citing non-disclosure agreements with them, he said, both the coal-fired firms have assured coal supplies. “The project with 1,200MW (capacity) is in Maharashtra and the one with 600MW (capacity) is located in Chhattisgarh.” While GVK-PIL... [read full story]