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This is an archive article published on February 26, 2007

NTPC bids for power unit in Egypt

National Thermal Power Corp. Ltd. on Monday joined many utilities in the race for British power investment firm Globeleq’s assets by bidding for a unit in Egypt.

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National Thermal Power Corp. Ltd. on Monday joined many utilities in the race for British power investment firm Globeleq’s assets by bidding for a unit in Egypt.

The state-run utility said it is submitting a non-binding bid to buy 682.5 megawatt Sidi Krir power project in Egypt through 100 per cent acquisition of Globeleq Maghreb.

Globeleq had appointed investment bankers Lehman Brothers to find buyers for the assets it planned to sell.

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Private sector Tata Power Co and Reliance Energy have also expressed interest in buying some assets of Globeleq.

The British firm’s investments include some assets in India.

Earlier this month, infrastructure firm Lanco Infratech Ltd. and Jindal Steel & Power Ltd. jointly said they were buying Globeleq’s stake in a 4,000 megawatt power project to be set up in the central state of Madhya Pradesh. After the acquisition of Globeleq’s stake, Lanco would hold 72 per cent in the power project, with the balance 28 per cent held by Jindal.

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