Gayatri Projects in joint venture for power project

Gayatri Projects said on Tuesday it has entered into a joint venture agreement with Singapore-based Sembcorp Utilities Pte Ltd for setting up a 1,320mw thermal power project in Andhra Pradesh.

The estimated total project cost is Rs68.69 billion to be funded through debt of Rs51.51 billion, while the rest will be through equity, Gayatri said in a statement.

Sembcorp Industries, parent of Sembcorp Utilities, will invest Rs11 billion in the first phase of the power project, the statement said.