Gujarat State Petroleum Corporation (GSPC) may rope in minor investors in its integrated power generation arm, GSPC Pipavav Power Company (GPPC).
GSPC is reportedly scouting for equity investment to acquire up to 49 per cent stake in GPPC. Currently, GPPC is developing a 702 MW (2x351) greenfield, gas based power plant at Kovaya village in Amreli district at an investment of Rs 3,000 crore. The Unit I with 315 MW capacity is likely to be commissioned in December 2012 while the other similar capacity unit will go on stream in March 2013. GPPC has signed an agreement with GSPC for long-term supply of 3.2 mmscmd of gas for the plant.
GSPC had invited EoIs for GPPC from interested parties for purchase of substantial minority stake, up to 49 per cent.