Sasan not part of Globeleq's global sale process

Amidst reports of Globeleq pulling out of Sasan, the British power investment firm today said the ultra mega power project does not feature in the company's restructuring programme.

Globeleq has said the company is not selling assets, which are at a developmental stage. "Currently Globeleq's operating power businesses are for sale. Our various development projects in Africa, America and Asia are not included in that sale process," the company informed PTI.

Globeleq along with its Indian partner Lanco Ingfratech had recently won the 4000 MW Sasan ultra mega power project quoting a tariff rate of Rs 1.196 per unit.

The Centre in January awarded the letter of intent to the consortium and the last date for the submission of the letter of acceptance is February 28.

The UK-headquartered company owns 70% equity in the company, while Lanco Infratech holds the rest.

The reports of Globeleq possibly exiting from the Sasan project were fuelled after the company decided to pull out of emerging markets as part of its restructuring programme.

The company said it had appointed Lehman Brothers investment bank to carry out the transactions.

Lanco Infratech officials also went on record to say they were willing to buy out Globeleq from the Sasan project.

However, officials in Power Finance Corporation, the government-appointed nodal agency for developing ultra mega power projects, said that currently, Lanco had no option but to execute the project jointly with a technically sound partner.