Shapoorji Pallonji group, a construction empire run by billionaire Pallonji Mistry, has plans to sell its gas-fuelled power plant in Bangladesh to reduce debt, two people aware of the development said, as per a media report.
The group owns a 225 megawatt Bhola power project in Bangladesh. The plant may be valued at around $270 million, one of the two people said, requesting anonymity. As per a media report, Standard Chartered has been hired to find a buyer for the Bhola power plant that is expected to be commissioned soon.
Experts are optimistic that the plant will be highly valued because of an assured power purchase agreement it has for a long 22 years with the Bangladesh Power Development Board.
“It’s a good project with GE machines and is nearing completion,” said the second person, also requesting anonymity.
In an emailed response, a spokesperson for Shapoorji Pallonji group said, “the group is currently focused on completion of the project.” A Standard Chartered Bank spokesperson declined to comment.
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