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Tata Power subsidiary completes sale of three ships for $212.76 million

Tata Power said the sale proceeds will be used towards reducing the debt as well as to fund growth plans.

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Shares of Tata Power were trading 0.40 per cent higher at Rs 50.60 apiece on BSE.

Press Trust of India New Delhi
Tata Power on Tuesday said its Singapore-based subsidiary Trust Energy Resources completed the transaction for the sale of its three ships for $212.76 million (around Rs 1,592 crore).

"Singapore-based Trust Energy Resources Pte Ltd (TERPL), a wholly-owned subsidiary of Tata Power has announced completion of sale of its three ships -- MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers GmbH & Co. KG, Germany -- for a consideration of $212.76 million," Tata Power said in a regulatory filing.

TERPL will now cater to the shipping requirements of the company's imported coal-based Coastal Gujarat Power Ltd

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