GE Energy Financial Services has picked up 26% stake in Sayi Power Energy, a majority shareholder in KSK Power. Financial details of the transaction were not disclosed.
"This transaction reinforces GE Energy Financial Services’ growth in India's power market," said Raghuveer Kurada, managing director of GE Energy Financial Services’ India operations. "KSK's pioneering leadership in mid-sized captive power generation and access to dedicated low-cost fuel reserves creates opportunities for sizeable additional investment in new power projects. We will play a strategic role in helping KSK to carry out its growth plans."
KSK, which develops and owns downstream energy assets throughout India, is the country’s first power generation company to be listed overseas - its shares trade on the London Stock Exchange Alternate Investment Market.
KSK's portfolio of existing and future power generation assets is diversified across fuel types. The company has eight projects in operation or under construction representing 875 Mw. KSK’s pipeline of future projects total 3,200 Mw, and is expected to come online by 2012.
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