Tata Power sells shipping assets for $212.76 mn as it seeks to pare debt

In April, Tata Power received $110 Million from sale of its stake in South African joint venture Cennergi, which is to be utilised to repay loans in the June Quarter

Private power producer Tata Power on Friday said it has entered into a definitive agreement for the sale of its three capsize ships, part of its shipping business, for a consideration of $212.76 million.

The company said, sale of these assets, is part of the company’s long-term plan to reduce debt and raise funds for future growth plans. Tata Power’s net debt as of March 2020 was at Rs 43,578 crore.

“Trust Energy Resources (TERPL), a wholly-owned subsidiary of Tata Power has completed signing of definitive agreements on June 11, 2020 with Oldendorff Carriers GmbH & Co KG, Germany,” the