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US company to become majority shareholder of Yugadanavi diesel plant

The Finance Ministry has submitted a Cabinet paper seeking approval to sell the 51 percent majority shares it holds in the Yugadanavi diesel power plant to a United States-based company, the Sunday Times reported.

According to the report, the Employees Provident Fund (EPF) owns 23.9 percent of the plants shares and the sale to the American company, New Fortress Energy (NFE), had been rejected by the EPF trustees and therefore, the Government has decided to sell 51% of shares owned by the Treasury.

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