Tata Power arm TPIPL acquires 10% equity in ABV; total stake rises to 50%
- Tata Power said its arm Tata Power International Pte Ltd (TPIPL) has acquired 10 per cent stake in Adjaristsqali Netherlands BV (ABV) from the International Finance Corporation (IFC) for USD 150,000 (about Rs 1.13 crore).
- The 10 per cent stake acquisition has increased TPIPL’s shareholding in ABV to 50 per cent.
- “Tata Power International Pte Ltd (TPIPL), a wholly-owned subsidiary of the company, has acquired 10 per cent equity stake Adjaristqali Netherlands BV (ABV) from International Finance Corporation (IFC) for a sum of USD 150,000,” according to a statement by Tata Power.
- This acquisition has been done as per the provisions of the shareholder agreement. After this acquisition, the company through TPIPL holds 50 per cent stake in ABV.
- ABV owns 100 per cent stake in Adjaristsqali Georgia LLC (AGL), which has developed a 187-megawatt (MW) hydro project in Georgia at a cost of around USD 500 million.
- It has commissioned 178 MW of the total capacity in March 2020, it stated.
About Tata Power-
- Tata Power Limited is an Indian electric utility company and is part of the Tata Group. The core business of the company is to generate, transmit and distribute electricity.
- Founded – 18 September 1919
- Headquarters – Mumbai
- MD & CEO– Praveen Sinha
- CFO – Ramesh N. Subramanyam
- Headquarters– Amsterdam, Netherlands
- Chairman– Kyrre Olaf Johansen