Sembcorp Industries Ltd, a Singapore-based power producer, is looking to refinance long-term debt worth Rs3,000 crore (about $470 million) of its Indian thermal power unit Sembcorp Gayatri Power.
Sembcorp Industries is in talks with State Bank of India (SBI) and Union Bank of India to raise Rs3,000 crore to refinance existing long-term debt of the company.
Sembcorp has also invested in renewable energy in India.
In February 2015, Sembcorp Industries Ltd acquired a 60% stake in IDFC Alternatives Ltd-backed renewable energy firm Green Infra Ltd for Singapore $227 million (around Rs1,060 crore).
The acquisition marked Sembcorp’s entry into India’s renewable energy market. Green Infra has solar and wind energy assets. At the time of the acquisition, Green Infra had renewable assets worth 516MW. Sembcorp is one of the few foreign utility firms that owns thermal power assets in India. Others include American firm AES and China Light and Power.