Infrastructure firm Gayatri Projects is planning to tie up with a company from the

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Far East as equity partner for its ambitious Krishnapatnam power plant. The Rs 7,000-crore project is expected to go on-stream by the year 2013.

“For equity funding, we would be having a substantial equal partner from the Far East, who has experience in running and setting up a power plant,” managing director Sandeep Reddy told Financial Chronicle. An announcement in this regard is expected within a couple of months.

The project is being handled by Gayatri’s subsidiary, Thermal Powertech Corporation India (TPCIL). It will have a 75:25 debt-equity ratio for funding with a substantial portion of the Rs 5,000 crore debt having already being arranged for, the company claims.

TPCIL has secured water and coal linkages and obtained all the necessary government clearances for the two plants, which would have a capacity of 660 mw each. One of the plants would be operational within four years, Reddy said.

Gayatri Projects is a major player in the construction of roads, dams, highways, canals and other civil works. It has an order book of Rs 7,000 crore.