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KSK Energy to sell 20% stake in Singapore arm

KSK Power Ventur plc (“KSKPV” or “the Company”), the power project company listed on the London Stock Exchange, with interests in multiple power plants and businesses across India,  issued its Interim Management Statement for the period from 1 April 2011 to 19 August 2011, recently.

According to reports, KSK Energy Ventures, a power plant developer, is scouting for strategic and financial partners for KSK Green Energy, its wholly owned Singapore-based renewable power company.

The partners are being roped in for setting up about 250mw wind energy projects at a cost of Rs1,500 crore. The company currently operates about 70 mw wind energy projects.

The partner is expected to be brought in by diluting minority stake in the Singapore entity. According to sources, the dilution is expected to be at about 20%. In case the dilution goes beyond the intended level, the company would issue non-voting shares.

KSK had earlier held talks with the Malaysian billionaire T Anand Krishna, but the efforts could not be concluded for reasons not explained so far.

Meanwhile, KSK Energy Ventures has faced a setback with a wind turbine order placed on the Chinese industry major Dongfang getting held up due to permit-related issues.

According to sources, Dongfang could not complete the tests required to be done on the turbine for any global supply. However, the company is confident of getting the turbine tests completed by the month end.

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