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Sembcorp Industries to buy stake in India coal-fired power plant

Sembcorp Industries Ltd, on Monday said it has signed an agreement to buy a 45% equity stake in a company which is building a 1,320 megawatt capacity power plant in south India.

Sembcorp's unit will buy the stake in NCC Power Projects for 8.5 billion Indian rupees (US$135 million), Sembcorp said in a statement to the Singapore Exchange, where it's listed.

NCC Power Projects is building the electricity generation plant at Nellore in southern Andhra Pradesh state. The project will double Sembcorp's power generation capacity in India and increase its footprint in the country's growing power market, Sembcorp said.

Sembcorp's other power generation project is located at an adjacent site, it said, adding that the two plants will utilise the same infrastructure, such as that for coal imports and logistics.

The NCC plant is expected to start power generation by early 2016.

Source: The Wall Street Journal