Coastal Energen Pvt. Ltd., the power generating flagship company of the Coal and Oil Group, is planning to buy back 15 per cent equity stake from Abdul Nahab Rustomani, an outside investor.
When Coal and Oil Group floated a special purpose vehicle (SPV) — Coastal Energen Pvt. Ltd. — seven years ago to set up a 1,200 MW Mutiara thermal power plant in Tuticorin, Dubai-based Al-Rustomani Group had pumped in Rs.120 crore to buy 15 per cent equity.
As the Al-Rustomani Group has expressed its intent to exit the SPV, the promoters of Coastal Energen have decided to buy back the 15 per cent from Al Rustomani Group.
ADVERTISEMENT
Addressing a press conference here, Ahmed A. R. Buhari, Founder President and Chief Executive Officer, Coal and Oil Group, said work on the power plant was progressing according to schedule.