The eldest among the Patni brothers, Gajendra, and his son Amit Patni are venturing into the power sector in India using funds from the proposed sale of their stake in Patni Computers, India’s ninth most valuable IT firm, according to sources. Gajendra Patni, one of the promoters of Patni Computers, and Amit Patni have already floated Patni Projects, a company that will build power projects across the country.
“PPPL would be a holding company through which investments would be routed to various special purpose vehicles that are under incorporation,” a source told ET. The company is currently looking for land for its proposed 400-MW power project near Alibaug in Maharashtra.
PPPL is also believed to be in discussions with the Maharashtra government for implementing a 500-MW ‘pit head’ power project in Chandrapur district. Amit Patni will be in charge of the new entity, while Gajendra Patni will be responsible for much of the fund-raising.
Read more in The Economic Times article.
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