GVK Power & Infrastructure Limited, the Hyderabad-based diversified infrastructure company, has completed the sale of the gas-based thermal power plant of 217 mw Phase one of Jegurupadu power project located in Kadiam mandal of East Godavari district of Andhra Pradesh.
The project has been divested and handed over to AP discoms for a sale consideration of Rs 261.27 crore, the company informed BSE.
The power project, one of the first private sector power plants to come up in the country, had completed 18 years of its power purchase agreement with AP Discoms. After the completion of the PPA tenure, the AP discoms have exercised their right to buy out the power project developed by GVK Industries, the step down subsidiary of the GVK Power & Infrastructure Limited.
The GVK Group had recently divested its 33 per cent stake in Bengaluru International Airport Limited to Prem Watsa headed Fairfax Holdings for Rs 2,149 crore, as a part of its efforts to bring down its corporate debt.
GVK shares were trading at Rs 6.91, up 1 per cent at BSE during the day.