Sembcorp reportedly in talks to refinance India power unit’s long-term debt

SINGAPORE (July 31): Sembcorp Industries is said to be in talks with State Bank of India and Union Bank of India to raise Rs3,000 crore ($635 million) in its efforts to refinance existing long-term debt of Sembcorp Gayatri Power, the joint venture between its unit Sembcorp Utilities and NCC Infrastructure Holdings.

This is according to two unnamed sources of Live Mint, the website of Indian daily business newspaper Mint.

One of the sources, who has requested anonymity as he is not authorised to speak to authorities, told the paper: “They are in talks to raise Rs3,000 crore of rupee debt from these banks. Sembcorp completed the construction of both the units last year and they have tied up some power purchase agreements (PPA) for the plant, including a short-term PPA of 300MW with the state of Telangana.”

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