A third of the project is already built and the plant is expected to start operations in early 2016.
NCC Infrastructure Holdings Ltd, which is building a 1320MW coal-fired power plant at Krishnapatnam in Andhra Pradesh, will sell 45% equity to Singapore's Sembcorp Utilities Pte Ltd for Rs.848 crore.
"We are delighted to have Sembcorp as our partner who have proven global expertise in implementation and management of such large projects," A. Ranga Raju, managing director of NCC Ltd, which jointly owns NCC Infrastructure Holdings with Gayatri Energy Ventures Pvt. Ltd, said in a statement.
The plant is located on a site adjacent to Thermal Powertech Corp. India Ltd, Sembcorp's first power plant investment in India.
"The proximity of the two plants will enable Sembcorp to benefit from substantial synergies. The two plants will utilize the same infrastructure, such as that for coal importation and logistics. They will also be run by the same Sembcorp management team in Nellore," Sembcorp said in the statement.
A third of the project is already built and the plant is expected to start operations in early 2016.
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