Simbhaoli Sugars (SSL), one of the country’s largest sugar refiners, has entered into a joint venture (JV) with Sindicatum Sustainable Resources Group (Sindicatum) a global developer, investor and operator of clean energy projects.
SSL will transfer the existing power assets of the cogeneration plants located within its Simbhaoli, Chilwaria and Brijnathpur complexes to Simbhaoli Power (SPL), the joint venture company, in consideration of cash, shares, and other securities. Sindicatum through its subsidiary, Sindicatum Captive Energy Singapore, will acquire 49% of the share capital in SPL. Following the acquisition, SSL and Sindicatum will, via SPL, jointly carry out the power generation business, the sale to the utility companies and the upgrading of the power assets.
SSL established SPL to transfer its power undertakings on a going concern basis. The power plants shall operate in a complete synergy with the sugar operations and power generation based on bagasse and other biomass. Further, this arrangement will be subject to approval of SSL banks as a part of its ongoing business restructuring exercise.
The expansion project involves the enhancement of the power generation capacity from the existing 60MW to 115MW. Following the expansion, which is expected to be completed 18 months from financial closure, the power plants will have the capacity to generate 80MW of surplus power, exportable to third parties. The total cost of the expansion is expected to be Rs 330 crore which is being provided by the banking institutions via debt funding. The occurrence of the transaction is subject to achieving the complete financial closing.
| Company Name | CMP |
|---|---|
| Shree Renuka Sugar | 38.39 |
| Bajaj Hindusthan Sug | 30.10 |
| Balrampur Chini Mill | 508.70 |
| Triveni Engg. & Inds | 360.65 |
| Dalmia Bharat Sugar | 391.70 |
| View more.. | |
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