New Delhi: AP Transco has exercised its option to buy out GVK Power & Infrastructure's 217 MW (Phase 1) power plant in Andhra Pradesh.
"The Power Purchase Agreement (PPA) signed by GVK Industries Ltd, a step down subsidiary of the company (GVK Power & Infrastructure Ltd) with the erstwhile APSEB (now AP Transco) stands expired by June 20, 2015 as it had completed its validity period of 18 years," GVK Power & Infrastructure said in a regulatory filing.
In this regard, GVK Industries has received a notice from the AP Transco stating that they have exercised their option to 'Buy Out' "its 217 MW (Phase 1) Power Plant situated at Jegurupadu Village, Kadiam Mandal, Rajahmundry, East Godavari District, Andhra Pradesh in terms of the provisions specified under the PPA," it said.
The 217 MW Jegurupadu CCPP (combined-cycle power plant) phase 1, was commissioned in 1997, according to the company's website.
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