more-inInternet infrastructure firm Nettlinx Ltd has acquired a 51% stake in Sri Venkateswara Green Power Projects Ltd, which is implementing a 12 MW waste-to-energy project in GHMC limits. The proposed power plant is being developed in the GHMC south zone, located about 50 kms from the Telangana State Secretariat. “The investment and acquisition is strategic in nature, considering the company’s decision to diversify into sunrise business segments,” Nettlinx Chairman Manohar Loka Reddy said in a release on Wednesday. The total cost of the power project is around Rs.200 crore and is to be funded with an equity infusion of Rs.60 crore, of which Nettlinx will contribute 51% through its internal accruals. Managing Director of Sri Venkateswara Green Power Projects K.Venkateswara Reddy and his associates will infuse 49% of the equity.

Source: The Hindu August 09, 2017 19:30 UTC