Tata Power, India’s largest integrated power company, on December 10, signed a share purchase agreement for acquisition of 100 per cent shareholding in Ideal Energy Projects Ltd, a company release said.
IEPL owns a 540-MW coal-based thermal power project near Bela village in Nagpur district of Maharashtra, out of which 270 MW was commissioned in May 2013 and is based on domestic coal.
An agreement was reached between Tata Power and IEPL for sale of 100 per cent stake in the latter. The acquisition is subject to statutory approvals and certain conditions precedent.
Speaking on this development, Anil Sardana, Managing Director and CEO, Tata Power, said, “We are happy to announce our intent to acquire this project in Maharashtra. It is our constant endeavour to maximise stakeholder value in line with our vision.”
With this acquisition, Tata Power‘s total generating capacity will increase to 8,885 MW. This project will help the company service its customers in Maharashtra competitively.