Tata Power buys the entire stake in Bikaner SPV

28 Dec 2023

Tata Power Company today said that it has acquired a 100% equity stake in Bikaner III Neemrana II Transmission, a special-purpose vehicle (SPV) for the project. As per a regulatory statement from Tata Power, the acquisition procedure was finalized on December 27, 2023, for a total of Rs 18.6 crore.

The special purpose vehicle formed in June 2023 will build, own, operate, and transfer power transmission systems between Bikaner and Neemrana in Rajasthan. This involves the purchase of equity in exchange for cash consideration and the outright settlement of outstanding debt. The company has received approval from the Ministry of Power for a share transfer in SPV. Shares of Tata Power were trading 0.92% higher at Rs 327.95 on the BSE this afternoon.

Earlier this week, Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), signed a contract for the supply of 152 MW DCR solar PV modules for the NTPC Nokh Solar PV project in Rajasthan.