NSL Power Limited (NPL), a part of Hyderabad’s seeds-to-energy NSL group is selling up to a 49% stake in its conventional power business.

The fund raised will be used for the power project and its also wants to use the competencies of the investor.

NPL, a wholly owned subsidiary of Nuziveedu Seeds Limited (NSL), works in both conventional and renewable energy projects.

Transaction Reference: LiveMint

NPL’s conventional energy arm is setting up a 1,320MW coal-fired power project near Nagapattinam in Tamil Nadu and another one with similar capacity close to the Talcher coal mines at Banamalipur in Orissa’s Angul district.

It plans to begin constructing both projects before the first half of next year and expects to complete them by the end of 2014. It will double their capacities to 2,640MW each in the second phase.

The Tamil Nadu project involves an investment of at least Rs.6,000 crore and will be funded through 25% equity and 75% debt. For this Tamil Nadu project, NPL has got in-principle approvals for loans from lenders and is in advanced stages of acquiring land for the facility. In Orissa, it has got initial clearances for its project.

NPL plans to sell 30-40% of the power produced from its Tamil Nadu and Orissa projects in the more lucrative open market and the balance through long-term purchase agreements with state utilities.

For coal supply to these projects, it has identified two coal mining blocks in Indonesia and is actively involved in acquiring these two coal mining blocks. The total assessed coal from both these blocks is 70 Million Tons.

In December 2008, NSL group received about $80 million from private equity investor Blackstone Group Lp for an undisclosed minority stake in its flagship firm Nuziveedu Seeds Ltd (NSL).

Its renewable energy arm has 100MW of wind power projects in Karnataka and Tamil Nadu and will add another 500MW of capacity over the next two years. It is also implementing three hydropower projects in Himachal Pradesh with a total capacity of 155MW and has two biomass projects of 12MW in Andhra Pradesh.

NSL is a leading company in the cotton seed business with about 77% of the sales of the seeds division being accounted from sale of hybrid cotton seeds.

Lasy year in January, Nuziveedu Seeds has acquired 51 per cent each in Yaaganti Seeds and Pravardhan Seeds for a total consideration of Rs 25 crore.

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