Powergen Picks 13.89% More In Gujarat Powergen

PowerGen Plc, the UK-based power major, has acquired an additional 13.89 per cent stake in Gujarat PowerGen Energy Corporation (GPEC) for Rs 232 crore.

The move follows Siemens Project Ventures' (SPV) decision to offload their stake in GPEC. As per the revised share holding structure of GPEC, PowerGen holds 88 per cent stake in the company, while the remaining 12 per cent is with Gujarat Power Corporation.

A company statement said, PowerGen would acquire SPV's 13.89 per cent share in GPEC for around Rs 232 crore, thus increasing its share capital from the existing 74.1 per cent to 88 per cent.

Last year, PowerGen had acquired a majority stake in the power project, by acquiring 46.20 per cent stake from Gujarat Torrent Electricity Company for Rs 1,100 crore, thus increasing its stake from 27.8 per cent to 74 per cent.

According to industry sources, PowerGen has also plans to double the capacity at GPEC to 1,300 mw from the present 655 mw. The expansion plan had received clearance from the Gujarat government.

Apart from this, PowerGen has a 49 per cent and a 26 per cent equity in Bina and Rosa power projects, respectively. Both these power projects are promoted by the Birla group.