Tata Power Signs Share Purchase Agreement For Acquisition Of 540 MW Coal Based Thermal Power Project In Maharashtra

Tata Power, India’s largest integrated power company has recently signed a SPA (Share Purchase Agreement) for acquisition of 100% shareholding in Ideal Energy Projects Limited (IEPL).

IEPL owns a 540 MW coal based thermal power project near village Bela in the 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% stake in IEPL. The acquisition is subject to statutory approvals and certain conditions precedent.

Speaking on this development, Mr. Anil Sardana MD and CEO, Tata Power said “We are happy to announce our intent to acquire this project in Maharashtra. It is our constant endeavour to maximize stakeholder value in line with our vision.”

With this acquisition, Tata Power’s total generating capacity will increase to 8885 MW. This project will help Tata Power service its customers in Maharashtra competitively and also give opportunity to the Company to work closely with the local communities in the vicinity to improve their quality of life.