It is reported that Hinduja Group is expected to finalize a strategic investor to offload 15% stake in the 1,040 MW coal based power project at Visakhapatnam in Andhra Pradesh by August 2008.

The group is at an advanced stage of talks with 5 investors from Japan and 2 from Europe. The AP government has allocated land for the project and coal linkage is closer to being finalized. The total cost of the project is estimated at around USD1 billion.

SBI CAPS has been appointed lead banker and the banker will work with the group to raise the debt portion of the capital investment.