October 3 (Renewables Now) - Singapore-based Sembcorp Industries Ltd (SGX:U96) is planning an initial public offering (IPO) of its Indian business, Mint reported on Tuesday, citing two informed persons.
The listing could be in India or abroad, one of the sources has said.
At the end of August, Sembcorp said it had agreed to acquire the stake it did not already own in Indian renewable energy business Sembcorp Green Infra (SGI). It said at the time that the unit had nearly 1,200 MW of wind and solar power capacity in operation and under development and that the deal was expected to close in the first quarter of 2018.
Overall in India, Sembcorp's two thermal power plants and renewable energy assets have a combined capacity of more than 3,800 MW, the Singaporean company said when reporting results for the second quarter of 2017. The renewables business and the firm’s first thermal power plant, operated by Thermal Powertech Corporation India (TPCIL), are performing well, but the other thermal power plant, Sembcorp Gayatri Power Ltd (SGPL), is seen to be in the red in 2017, Sembcorp said in early August. This is because it was yet to sign long-term power purchase agreements (PPAs).
Indian firm Acme Solar Holdings Pvt Ltd is also about to list, say media reports, citing preliminary documents filed with the Securities and Exchange Board of India (SEBI).