Shares of Tata Power were in focus today on Thursday. Shares of the company closed at Rs 330.30 with a gain of 2%. There is a big announcement behind this rise in shares. Tata Group said it acquired a 100% equity stake in Bikaner III Neemrana II Transmission for its special project. The acquisition process was completed on December 27, 2023, for Rs 18.6 crore, Tata Power said in a regulatory filing. Let us tell you that Tata Power shares have risen by 56% in YTD this year and by more than 60% in a year.
What Are The Details
The special purpose vehicle (SPV), formed in June 2023, will build, own, operate and transfer the power transmission system between Bikaner and Neemrana in Rajasthan. This involves the purchase of equity in exchange for cash and a one-time settlement of outstanding debt. The Ministry of Power has approved the company for share transfer in SPV.
Recently, Tata Power Renewable Energy signed an agreement to set up a solar plant with a 13.2 MW capacity. The company signed this agreement with Dr Abhay Firodia Group of Companies…Force Motors Ltd. and Jaya Hind Industries Pvt. Ltd. have done with it. Under this, Tata Power will set up solar plants for the use of the renewable group companies.
The company said in the statement, “Tata Power Renewable Energy Ltd. (TPREL) has entered into a power supply agreement with Dr Abhay Firodia Group of Companies – Force Motors Limited and Jaya Hind Industries Private Limited for the supply of green power for 25 years under the scheme of ‘Group Captive’, i.e. utilization of group companies have done (PDA).”
