Sembcorp Industries is targeting assets in India, Myanmar and Indonesia as it aims to increase its power production by 72 per cent over the next three or four years, CEO Tang Kin Fei has told Bloomberg.

In India, Sembcorp is developing a coal-fired power plant under a partnership, and may add more capacity to this plant or pick up distressed assets to raise its presence in the market, said Tang.

In Myanmar, the firm may develop ‘townships’ with industrial parks and apartments, before branching out into power and water.

The company has recently moved into Oman and bought a stake in a wind farm in China.

In its home market of Singapore, where Sembcorp derives 68 per cent of its profits from utilities, the firm is building its second combined-cycle gas turbine cogeneration plant to raise its capacity from 815 MW up to 1615 MW.

Tang added that he sees an opportunity to acquire and develop new plants as Asia’s population migrates to cities.

“We’re still very bullish,” Tang told the news agency. “Over a longer period of time, we still see increasing demand for development in the Asian region. With this growth and population moving from rural areas to new urbanization there is demand for power and water.”

For more Asia news