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  Business   Companies  26 Mar 2019  Tata Power inks pact to sell EEPL for USD 11 million

Tata Power inks pact to sell EEPL for USD 11 million

PTI
Published : Mar 26, 2019, 8:52 am IST
Updated : Mar 26, 2019, 8:52 am IST

The transaction will fall within related party transactions and is done at arms length basis.

According to the statement this transaction is expected to be completed by March 31, 2019.
 According to the statement this transaction is expected to be completed by March 31, 2019.

New Delhi: Tata Power on Monday said its arm Coastal Gujarat Power inked a share sale pact to sell its 100 per cent stake in Energy Eastern to Trust Energy Resources for USD 10.19 million.

"Coastal Gujarat Power Limited (CGPL), a wholly owned subsidiary of the Company has signed a Share Purchase Agreement (SPA) on March 25, 2019 with Trust Energy Resources Pte Ltd (TERPL), another wholly owned subsidiary of the Company to sell its 100 per cent equity stake in Energy Eastern Pte Ltd (EEPL) a wholly owned subsidiary of the CGPL," a Tata Power statement said.

 

According to the statement this transaction is expected to be completed by March 31, 2019. Trust Energy Resources is a wholly-owned subsidiary of the company. The transaction will fall within related party transactions and is done at arms length basis.

Tags: tata power, agrrement, eepl
Location: India, Delhi, New Delhi