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Nettlinx picks 51% in Sri Venkateswara Green Power Projects
Nettlinx Limited on Wednesday announced acquisition of 51 percent stake in Sri Venkateswara Green Power Projects Ltd, a firm engaged in developing and implementing a viable and environmentally sustainable 12 MW power plant, a renewable energy project.
To set up Rs 200-cr waste-to-power plant; production in 18 months likely
Hyderabad: Nettlinx Limited on Wednesday announced acquisition of 51 percent stake in Sri Venkateswara Green Power Projects Ltd, a firm engaged in developing and implementing a viable and environmentally sustainable 12 MW power plant, a renewable energy project.
The total power project cost is estimated to be Rs 200 crore and would be funded with an equity infusion of 60 crore, out of which Nettlinx, a city-based internet infrastructure company, will contribute 51 per cent through its internal accruals.
Nettlinx in a release said that the proposed state-of-the-art power plant will convert Greater Hyderabad Municipal Corporation (GHMC) waste into energy, and being set up in the south zone of the city. The project will be operational in about 18 months time.
Manohar Loka Reddy, Chairman, Nettlinx Ltd, said: “The investment and acquisition is strategic in nature, considering the company’s decision to diversify into sunrise business segments. We are confident of successfully executing this prestigious project, not just help us diversify, but also brings in synergies to both the entities.”
KVenkateswara Reddy, MD of Sri Venkateswara Green Power Projects, said: “The company and associates will infuse towards our share of 49 per cent of equity participation, while the rest of the project funding will come from term loans and working capital borrowings.”
He further said that the project is commercially viable as the power purchase agreement with Telangana power distribution company specifies a tariff of Rs 7.40 per unit and is on a must buy basis and also stipulates a minimum guarantee price. The state government had given assurance of 700 tonnes waste per day delivery at the plant site.
By Business Bureau
