Tata Power, India's largest integrated power company, announced that its wholly subsidiary Tata Power Renewable Energy Limited (TPREL) has signed a binding agreement to sell its 32 MW operating wind assets located in Satara District, Maharashtra. The power from these assets is currently tied up with Tata Power Company - Distribution (TPC-D) under a long-term power purchase agreement.
The parties are currently executing conditions precedent defined under the agreement. Upon completion of the conditions precedent, the assets and liabilities pertaining to the said project would be transferred to the Buyer.
Speaking on this development, Mr. Praveer Sinha, CEO & MD, Tata Power, said, "Tata Power Renewable Energy Limited has executed a binding agreement to sell its 32 MW wind project in Maharashtra. This is part of our effort to restructure our portfolio to concentrate on building scale in few locations and venturing out of small, isolated sites thereby optimising our operating costs. We will grow capacity both by organic and inorganic route".
Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.68.3 as compared to the previous close of Rs. 69.2. The total number of shares traded during the day was 324874 in over 1955 trades.
The stock hit an intraday high of Rs. 69.7 and intraday low of 68.15. The net turnover during the day was Rs. 22358277.