Tata Power : terminates Share Purchase Agreement for acquisition of coal based thermal power project in Maharashtra
January 25, 2016 at 06:39 am
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Home > Media Corner > Press Releases
Tata Power terminates Share Purchase Agreement for acquisition of coal based thermal power project in Maharashtra
- National, January 22, 2016
Tata Power, India's largest integrated power company has today announced termination of a share purchase agreement (SPA) with Ideal Energy Projects Limited (IEPL) for acquisition of 100% stake in a 270 MW coal based thermal power project in Maharashtra, extendable to 540 MW.
An agreement was reached earlier between Tata Power and IEPL for sale of 100 % stake in IEPL in December 2014. As per the terms of SPA, the acquisition was subject to fulfillment of certain conditions precedent. The company made all efforts to arrive at a workable solution to salvage a stressed asset along with key stakeholders. However, the stakeholders could not conclude, leading to non-fulfillment of the aforesaid conditions precedent.
In view of the above, the company has decided not to pursue this opportunity any further and confirm the termination of the SPA.
About Tata Power:
Tata Power is India's largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of [8699] MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely 'Tata Power Delhi Distribution Limited' with Delhi Vidyut Board for distribution in North Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India. Its international presence includes strategic investments in Indonesia through a 30% stake in the leading coal company PT Kaltim Prima Coal (KPC), 26% stake in mines at PT Baramulti Suksessarana Tbk ('BSSR') and a geothermal project; in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called 'Cennergi' to develop projects in South Africa, Botswana and Namibia; in Australia through investments in enhanced geothermal and clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. With its track record of technology leadership, project execution excellence, world class safety processes, customer care and driving green initiatives, Tata Power is poised for a multi-fold growth and committed to 'lighting up lives' for generations to come. Visit us at: www.tatapower.com
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Tata Power Company Limited issued this content on 2016-01-22 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-25 06:38:10 UTC
Original Document: http://www.tatapower.com/media-corner/pressrelease-2016/press-release-25-jan-2016.aspx
Tata Power Company Limited is the India's n°1 private power group. Net sales break down by activity as follows:
- production, transmission, distribution and trading of electricity (88%): owning, at the end of March 2018, of a total installed capacity of 10,957 MW broken down between thermal energy (7,715 MW), solar and wind energy (2,549 MW) and hydropower (693 MW). In addition, the group develops coa mining and trading activity;
- other (12%): especially real estate development, projects management and manufacturing of electronic and photovoltaic systems activities.
India accounts for 98% of net sales.
TATA POWER COMPANY LIMITED 
