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.