Tata Power purchases a special purpose vehicle for the Bikaner project

28 Dec 2023 , 12:38 PM

Early on December 28, when the business executed a share purchase agreement and purchased a 100% equity investment in Bikaner III Neemrana II Transmission, a special purpose vehicle (SPV) intended for the project, shares of Tata Power business saw a rise in trading.

The Tata Power Company was trading at Rs 325.05 on the BSE at 11:32 a.m., up Rs 0.30.

December 27, 2023, saw the completion of the acquisition procedure at a cost of Rs 18.6 crore.

The June 2023 special purpose vehicle will construct, own, run and transfer an electrical power transmission system in Rajasthan between Bikaner and Neemrana. It includes a one-time settlement of existing debt and the purchase of shares in exchange for cash.

The Power Ministry has given the business clearance to transfer shares in the SPV.

Earlier this week, a contract to deliver 152 MWp DCR Solar PV Modules for the NTPC Nokh Solar PV Project in Rajasthan was signed by Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), a Tata Power subsidiary.

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