Gayatri Projects Ltd said on Friday Singapore's Sembcorp Industries has infused the first tranche of 3.6 billion rupees for a 49 percent stake in unit Thermal Powertech Corp, which is setting up 1,320 MW plant in Andhra Pradesh.
The total consideration for the stake - 10.4 billion rupees - will be bought in tranches, as per the requirement of the project, the company said in a press release.
Thermal Powertech, a joint venture between Gayatri Energy Ventures and Sembcorp's wholly-owned utilities business, is set to build, own and operate the coal-fired power plant.
The firm had said in September it had achieved financial closure of 68.69 billion rupees for this project, of which the debt component was 51.51 billion rupees while the remainder was through equity.
The debt has been arranged from Rural Electrification Corp, Power Finance Corp. , Punjab National Bank, United Bank of India, Bank of Baroda and others.
The company has already started construction of its power facility and expects commercial operations to start in the next 36 months, it said.
At 10.59 a.m., shares in the firm were up 0.69 percent at 218 rupees in a Mumbai market that was down 0.41 percent.
(Reporting by Swati Pandey; Editing by Rajesh Pandathil)