Tata Steel to acquire 26 percent stake in Tata Power Renewable Energy arm Energy Watch
Companies

Tata Steel to acquire 26 percent stake in Tata Power Renewable Energy arm

Tata Steel will acquire a 26 percent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd

PTI

New Delhi: Tata Steel said on Thursday that it will acquire a 26 percent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd. The company did not disclose the transaction value. It will also source 379 megawatt (MW) of clean energy from Tata Power Renewable Energy Ltd (TPREL), Tata Steel Ltd (TSL) said in a statement.

TSL has concluded the negotiations to enter into definitive agreements with TPREL to acquire 26 per cent in TPVSL, currently a wholly-owned subsidiary of TPREL. TSL will also enter into an agreement with TPREL to source 379 MW of renewable power, the statement said.

Also read:Tata Power Renewable Energy to set up 12.5 MW captive solar plant in Maharashtra

Tata Steel CEO and managing director T V Narendran, said: "Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel's sustainability journey towards achieving net zero carbon emissions by 2045. We stay committed to reducing our environment footprint and transitioning towards clean, green energy solutions."

Also Read

CEA committee lays out trajectory to end imports of power grid monitoring systems by 2030

ACME Solar arm signs 130 MW round-the-clock PPA with Northeast Frontier Railway at Rs 4.35 per kWh

AESL wins Rs 4,700-cr Maharashtra transmission project to evacuate 4,500 MW of RE power

CAG questions basis of BCCL's Rs 135 crore coal reject valuation

US sanctions 4 India-based firms over Iranian oil and petrochemical imports