The Meenakshi Group has sold its 74 per cent stake in a thermal power project in Andhra Pradesh to energy major GDF Suez of France.
Hyderabad-based Meenakshi Energy and Infrastructure Holdings Pvt Ltd (MEIHPL), which is part of the Meenakshi Group, will retain 26 per cent in the project. MEPL comprises 300 MW of operational capacity and 700 MW under construction at Krishnapatnam port in Nellore district of Andhra Pradesh.
The Meenakshi Group believes that the partnership with GDF SUEZ will be mutually beneficial. The size of GDF SUEZ’s global portfolio will allow MEPL to benefit from a broad multi-disciplinary expertise and to take leverage from GDF SUEZ’s strong global governance. It is expected to provide a stable and solid framework that creates consistency and builds trust for stakeholders.
KPMG India acted as exclusive financial advisors for Meenakshi Group on this transaction.