French energy firm GDF Suez SA on Tuesday said that it has acquired a 74% stake in a 1,000 megawatt (MW) coal-fired power project in the Indian state of Andhra Pradesh.
The said power project is owned by India's Meenakshi Energy and Infrastructure Holdings Pvt. Ltd. Meenakshi will retain a 26% stake in the project, Wall Street Journal-affiliate Live Mint said.
According to the report, the INR6,000 crore power project includes a power facility with 300MV operational capacity. The 700MV power facility is still under construction at Krishnapatnam in Nellore district. The entire power project will be largely fueled by imported coal.
Live Mint, citing a statement by GDF Suez, said the initial project in India is in line with the French power company's strategy of investing in fast growing markets. GDF Suez added that Andhra Pradesh power project gives it an entry point into the Indian power sector.
GDF Suez, however, did not disclose the deal size. The Economic Times earlier reported that the deal size could be around INR650 crore.
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