Tata Power has concluded the sale of its entire 50 per cent stake in South African joint venture Cennergi to Exxaro Resources Ltd for ZAR 1,550 million (around Rs 659 crore), the company said on Wednesday.
Cennergi was a 50:50 joint venture between Exxaro, a leading South African coal producer and Khopoli, a wholly-owned subsidiary of Tata Power.
"The Company has announced today the completion of the Sale of its entire 50 per cent stake in Cennergi (Pty) Ltd (Cennergi), a South African joint venture held via Khopoli Investments Ltd (Khopoli) in Mauritius to Exxaro Resources Ltd (Exxaro), for an amount of ZAR 1,550 Million plus additional nominal working capital and other adjustments," a Tata Power statement said.
The Exxaro will now have 100 per cent ownership of Cennergi.
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