Tata Power Company advanced 1.61% to Rs 382.20 after the company announced the receipt of a letter of intent (LoI) from REC Power Development and Consultancy to acquire Jalpura Khurja Power Transmission for Rs 838 crore.
The Jalpura Khurja Power Transmission is a project special purpose vehicle (SPV). It would be developed on build-own-operate transfer basis, to provide transmission service for 35 years from the schedule date of commercial operation (SCOD) which is 18 months from the date of SPV acquisition.
Tata Power Company is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities. The company has a presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics, and trading.
Tata Power Company reported 2.28% jump in consolidated net profit to Rs 1076.12 crore in Q3 FY24 as compared with Rs 1052.14 crore in Q3 FY23. Revenue from operations increased 3.69% to Rs 14,651 crore in Q3 FY24 from Rs 14,129.12 crore in Q3 FY23.
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