Tata Power Company gained 0.72% to Rs 77.05 at 9:30 IST on BSE after a wholly owned subsidiary of the company in Singapore completed the sale of its 50% stake in OTP Geothermal Pte.
The announcement was made after market hours yesterday, 16 August 2016.Meanwhile, the S&P BSE Sensex, was currently off 2.43 points or 0.01% at 28,062.18.
On BSE, so far 25,160 shares were traded in the counter, compared with an average daily volume of 4.47 lakh shares in the past one quarter. The stock hit high of Rs 77.20 and low of Rs 76.60 so far during the trading session.
Tata Power International Pte. (TPIPL), a wholly-owned subsidiary of Tata Power Company in Singapore has completed the sale of its 50% stake in OTP Geothermal Pte. (OTP) to KS Orka Renewables Pte. An agreement for the sale of the stake was signed in April 2016. OTP, a 50:50 joint venture between Tata Power and Origin Energy, holds a 95% interest in Indonesia's PT Sorik Marapi Geothermal Power (SMGP). SMGP is currently pursuing development of 240 megawatts Sorik Marapi Geothermal power project in North Sumatra.
Tata Power said in a statement that the divestment of stake in OTP is consistent with its strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders. Tata Power further said that it has significant investments in Indonesia and that the company remains committed to development of Indonesian power and energy sector. The company also continues to explore thermal and renewable power project opportunities within the independent power producer (IPP) programs of Government of Indonesia.
Tata Power is India's largest integrated power company with a growing international presence. The company has presence in all the segments of the power sector viz. fuel security and logistics, generation (thermal, hydro, solar and wind), transmission, distribution and trading.
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