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GD Power to buy Yinglite Electric

By Zhang Qi (chinadaily.com.cn)
Updated: 2008-12-12 14:22

GD Power Development, a subsidiary of China's third largest electricity producer China Guodian Corporation, said today in a statement that it would pay 1.266 billion yuan ($185 million) for a 51 percent stake in Ningxia-based Yinglite Electric.

GD Power plans to build Yinglite into a strategic platform to further its chemical industry, the company said in the statement.

GD Power will boost its profitability by entering into the areas of coal chemical, fine chemical and new materials for solar power with Yinglite and Ningxia Ningdong Industry Zone.

Yinglite Electric owns 21.9 percent of Ningxia Yinglite Chemicals, which makes and sells calcium carbide, lime nitrogen and other chemicals.