Sembcorp India says payment delays raising developer costs

New Delhi

SEMBCORP Industries Ltd said recurring payment delays by Indian electricity retailers are piling on costs to operators and are bad for the renewable power business it wants to build.

Payment delays risk "affecting development of the sector", Sembcorp India chief executive officer Vipul Tuli said in New Delhi. The local unit of the Singaporean conglomerate, which last month won an auction to supply wind power in India, already has US$4 billion of energy assets in the country.