S$3b more CPF monies fed to Snakes in India by PAP Govt Corp

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Even if Ah Neh Snakes could shit snake crap back for SG, you have to plan to retire in Neh Rupee currency.

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Singapore’s Sembcorp launches $3b mega power project in south India

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Sembcorp corporate logo
Sembcorp corporate logo
Dharani Thangavelu
dealstreetasia
[email protected]
February 28, 2016:

Sembcorp Industries launched a 2,640 megawatt power complex worth $3 billion (Rs.20,000 crore) in Nellore on Saturday assuring the long term commitment to provide essential power to support the economic growth in India.

Sembcorp Gayatri power complex is the largest foreign direct investment–driven project on a single site in the thermal energy sector in India to date, said the company in a statement.

The complex houses two 1,320 MW supercritical coal-fired power plants. The first power plant—Thermal Powertech Corporation India Ltd—was successfully completed and commenced full operation in September 2015. The second power plant—NCC Power projects—is expected to be fully operational in 2016.

Sembcorp Industries, which is keen on meeting its investment returns, wants to focus on both renewable and thermal energy in India, the management team of the Singapore-based company told Mint on Friday.

With this new power complex, Sembcorp now has a total of 3,500 MW of thermal and renewable energy capacity in India, according to a company statement.

Tang Kin Fei, group president and CEO of Sembcorp, said “With our strong track record in both the thermal and renewable energy sectors, Sembcorp will continue supporting India in meeting its energy requirements, and in reaching its industrialization and urbanization goals.”
Doing business in India

Tang Kin Fei said “Though India is one of Sembcorp’s key markets and an integral part of the company’s emerging market strategy, the company is ‘cautious and optimistic’ about India.”

“Consistency and stability in policy and regulation is the challenge,” said Tan Cheng Guan, executive vice president and head, group business development and commercial.

The management team also indicated that Sembcorp would expand further in Madhya Pradesh and set up new plants in West Bengal if the “governments are sincere and pro business”.

Sembcorp has invested over $3.7 billion in India since 2011. Sembcorp’s renewable energy portfolio in India, operated through Sembcorp Green Infra Ltd consists of more than 900 MW of wind and solar power assets located across the renewable resource rich southern, western and central India.

“We are looking for reasonable returns and if we don’t find returns in one business or in a particular geography, then we have the flexibility of investing elsewhere. That is our approach,” said Vipul Tuli, CEO and country head (India).

India and China

“Though the Indian government is trying to set things right, issues related to bureaucracy and uncertainty in policies still continues,” said Tan Cheng Guan.

While answering a question on the cost of doing business in India, Tang Kin Fei said “To set up a 2X660 megawatt power plant in China it would cost around $1 billion or slightly lower, but in India it would cost around $1.5 billion. Cost of investment in India is very high due to high interest rate. While interest rate in China is around 5%, it is at 13% in India. Also the duration of project is longer here.”

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