Tata Power cuts sale of 30% stake held by its subsidiaries in PT Arutmin

India Infoline News Service | Mumbai | November 30, 2016 12:06 IST

The sale consideration for PT Arutmin is now revised to $ 246.64 Mn from the earlier value of $ 390 Mn, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with Mining Contractor, pursuant to a court order (about $ 80 Mn as Company's share) and Other Statutory liabilities (about $ 50 Mn).

Tata Power Company Ltd has informed BSE that the company's 100% Subsidiaries viz. Bhira Investments Limited and Bhivpuri Investments Limited (Selling Companies) had signed an agreement for sale and purchase of shares on January 30, 2014 to sell its 30% stake in PT Arutmin, Indonesia and associated trading and infrastructure companies for an aggregate consideration of $ 510 mn.

Consequent to certain closing adjustments to the sale consideration and other changes agreed between the parties, the Selling Companies have signed revised definitive agreements with PT Cakrawala Langit Sejahtera (PT CLS), a Bakrie group entity on November 28, 2016.

The sale consideration for PT Arutmin is now revised to $ 246.64 mn from the earlier value of $ 390 mn, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with Mining Contractor, pursuant to a court order (about $ 80 mn as Company's share) and Other Statutory liabilities (about $ 50 mn). The consideration is expected to be received in a phased manner over next few years.

With regard to the infrastructure company PT Mitratama Perkasa (PTMP), in which PT Sumber Energi Andalan Tbk (Sumber) holds Company's 30% equity; and Trust Energy Resources Pte. Limited, a 100% subsidiary of the Company (Trust Energy) which holds Sumber, has entered into an agreement with Rwood Resources Ltd., a Bakrie Group Entity, for divestment of 94.61% stake in Sumber. The sale consideration for Infrastructure companies is now revised to $ 154.28 Mn from the earlier value of $ 120 Mn pursuant to closing adjustments relating to prior period. The consideration is expected to be received in a phased manner over next few years.

***Note: This is a NSE Chart

 

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