Tata Power announced that it has received a letter of intent (LOI) from REC Power Development and Consultancy to acquire the Jalpura Khurja Power Transmission project for Rs 838 crore.
The project special purpose vehicle (SPV) will be developed on a build-own-operate-transfer basis to provide transmission services for 35 years from the scheduled date of commercial operation which is 18 months from the date of SPV acquisition, the company said in an exchange filing, as per ET.
"Received a letter of intent (LoI) from REC Power Development and Consultancy Ltd— a wholly-owned subsidiary of REC Ltd — to acquire Jalpura Khurja Power Transmission Limited, a project special purpose vehicle (SPV). The estimated cost of the project is Rs 838 crore," Tata Power said.
RECPDCL is a completely possessed subsidiary of REC Limited, a non-banking finance organization (NBFC) and foundation funding business represented by the Service of Force.
Tata Power's stock closed at Rs 376.15, down 0.70% on the BSE on Friday. The benchmark Sensex closed 0.52% higher.
Tata Power firm Limited, an Indian electric utility and energy generation firm headquartered in Mumbai, is a member of the Tata Group. With an installed electricity generation capacity of 14,110 MW, 5250 MW of which comes from non-conventional (green energy) sources and the balance from thermal, it is India's largest integrated power company. Tata Power became the first Indian company to ship more than one gigawatt of solar modules in February 2017.
