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News Details

Tata Power to sell stake in Trust Energy Resources to Tata Power International

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23/07/2021 10:19
Tata Power Company said that it has signed share purchase agreement with Tata Power International (TPIPL) for sale of 100% equity shares held in Trust Energy Resources (TERPL) for a consideration of $285.64 million.

Both, TPIPL and TERPL, are wholly owned subsidiaries of Tata Power Company. The company expects to complete the transaction in the next two to three weeks, subject to necessary regulatory approvals, if any. The agreement was signed on 22 July 2021 and the expected date of the completion of sale/disposal is 10 August 2021.

TERPL will continue to remain fully owned subsidiary of TPIPL and will merged into TPIPL in the due course, subject to the regulatory approvals, the company said in a statement.

TERPL's turnover for FY21 was $187 million, which is approximately 4% of the total consolidated turnover of Tata Power Company (TPCL) in FY21.

Net worth of TERPL as on 31 March 2021 was $268.15 million, which is approximately 9% of total consolidated net worth of TPCL as on 31 March 2021