We hold a 100.0% equity interest in GPPC. GPPC was set up as a special purpose vehicle in 2006 to develop a gas based combined cycle power plant at Amreli in Gujarat. The first phase of the project envisages the construction of two 351 MW gas based combined cycle power plants. Construction for the first phase has begun and is being undertaken by Bharat Heavy Electricals Limited who was appointed through a tender process. The land on which the plant will be located is currently owned by Gujarat Power Corporation Limited who is in the process of transferring it to GPPC.

Further, the Government of Gujarat and board of directors of GPPC have approved the sale of a 49.0% equity interest in GPPC to SWAN Energy Limited (“SWAN Energy”).

GPPC has entered into a power purchase agreement with GUVNL which is effective for 20 years from the commissioning of the first phase of the plant. A gas supply agreement with us and a gas transmission agreement with GSPL have also been entered into for the supply and delivery of gas, during the term of the project.