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Siemens bags EPC contract for Torrent power project

Tuesday, 05 Jul 2005
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Siemens has bagged the Rs.2,240 crore turnkey EPC contract for Torrent Group's 1,106 MW Sugen power project at Surat in Gujarat. According to reports, Siemens ousted Alstom India that was the only other contender for the project.

Siemens will also subscribe 10 per cent quassi-equity amounting to Rs.93 crore in Torrent Power Generation (TGPL) that is executing the Rs.3,096 crore combined cycle gas power project. The project is being financed through a debt-equity ratio of 70:30.

Siemens and Torrent have also created a 50:50 joint venture to provide operations and maintenance services to the project.

The Torrent Group, through Torrent Power AEC, Torrent Power SEC and Torrent Ltd, together hold 60 per cent equity stake in Torrent Power Generation. Asian Development Bank and DEG of Germany have agreed to pick up 10 per cent and 5 per cent stake, respectively, in TPGL.

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