Singapore’ Sembcorp explores stake sale in India thermal power business
New Delhi: Singapore-based Sembcorp Industries Ltd has appointed Rothschild to find a strategic investor for its thermal power generation business in India, said two people aware of the development.
On offer is a stake sale in Sembcorp Energy India Ltd’ (SEIL) 2.64 gigawatt (GW) coal-fuelled power project in Andhra Pradesh, and comes in the backdrop of a fundamental change in the investment culture, with multilateral and bilateral agencies as well as sovereign wealth funds ceasing investments in businesses that contribute to climate change.
“India remains a key market for Sembcorp. As earlier communicated to the market, we will continue to explore various strategic options to unlock value,” said a Sembcorp Energy India spokesperson in an emailed response.
