Tata Power to acquire Welspun Renewables
Private power producer Tata Power Co. Ltd has agreed to acquire renewable energy company Welspun Renewables Energy Pvt. Ltd.
In this regard, Tata Power’s renewable energy unit Tata Power Renewable Energy Ltd (TPREL) has signed share purchase agreement to acquire Welspun Renewables Energy.
The transaction deal is sized at 9,249 crore rupees which is considered as largest transaction in renewables space in India. This acquisition will help Tata Power to grow its clean energy portfolio to 2.3 gigawatts (GW)
Welspun Renewables is a part of the 3 billion dollars Welspun Group. It has about 1,140 megawatts (MW) of solar and wind power assets across 8 states in India. Of this, about 990 MW is in solar projects and about 150 MW in wind projects.
Tata Power, one of the largest integrated power companies in India. Its subsidiary TPREL currently operates 294 MW of renewable power capacity across the country and about 400 MW of solar and wind projects are under implementation.
Month: Current Affairs - June, 2016