By IANS
New Delhi : Indian infrastructure developer DS Constructions has joined hands with Israel Corp, an investment company, to buy energy assets of a London firm in Latin America for $542 million, it was announced Tuesday.
Globeleq's, part of the London-based investor, the CDC group, has natural gas and hydro-power plants in Peru and Bolivia, as also fuel-based power units in El Salvador, the Dominican Republic, Guatemala, Nicaragua, Panama and Jamaica.
The company's capacity totals over 2,180 megawatt, a company statement said. The equity partnership between the Indian and the Israeli firms is in the ratio of 50:50.
"With our acquisition of power assets in South America we have emerged as a global power entity with a capacity of over 3400 megawatt," said M.S. Narula, managing director of DS Constructions.
"We have already been awarded 1,260 megawatt power projects in India and with this acquisition, we are moving closer to our goal of becoming a 10,000 megawatt company by 2015," he said.
"The assets have a total capacity of over 2,180 megawatt and are engaged in the production and sale of electricity. Some of the plants that have been acquired as a part of this transaction are hydroelectric and gas based as well."
DS Constructions says it has infrastructure development and engineering projects worth Rs.267 billion ($6.5 billion) in India in areas such as special economic zones, highways, expressways, railroad and hydropower.
Israel Corp, on the other hand, is one of the country's leading holding companies, playing a major role in privatisation and the development of key industries in Israel in areas like chemicals, shipping, semiconductor and energy.