NTPC in fray for Globeleq's assets

New Delhi, Feb 26 (UNI) Country's largest power generator National Thermal Power Corporation Ltd (NTPC) has placed a bid for British power major Globeleq's assets in Egypt.

The power major today said it ''is submitting a non-binding indicative bid to the United Kingdom-based Lehman Brothers for acquisition of assets of 682.5 MW Sidi Krir Power Project in Egypt through 100 per cent equity acquisition of Globeleq Maghreb''.

Globeleq has appointed Lehman Brothers as the investment bankers to the deal.

Tata Power, Kalpataru Group, Reliance ADAG and Lanco are already in race to take over the British company's assets of 4,500 MW in Asia and Africa.

On February 14, Lanco Infratech's Mauritius-based holding company Prince Stone Investments and Jindal Steel&Power Ltd (JSPL) acquired 100 per cent of Globeleq's holding in Sasan Ultra Mega Power Project.

The Globeleq Singapore and Lanco Infratech consortium won the project with the lowest bid of Rs 1.19 per unit.

Prince Stone Investments would acquire 60 per cent of Globeleq's stake and the rest would be held by JSPL.

UNI