MUMBAI: Tata Power will buy a 40% stake in a hydro energy project in Bhutan for Rs 830 crore as a part of its plans to ramp up its inexperienced power portfolio.
The project, entailing a capability of 600MW, would require an funding of Rs 6,900 crore. Once the stake-purchase is accomplished, Khorlochhu Hydro Power will turn into an affiliate firm of Tata Power.
Tata Power will companion with Druk Green Power to develop the 600MW station.“This project will support Tata Power to accelerate its clean and green energy transition,” the corporate mentioned.
Separately, Tata Power mentioned it should terminate its international depository shares (GDS) from the Luxembourg inventory change due to “no activity for the past several years”. The firm had issued GDS in 1994 and had appointed Citibank as unique depository for this programme.
“Considering that there has been no activity for the past several years and this will simplify the company’s financial reporting requirements and reduction in administrative costs, it has been decided to terminate the GDS programme and its engagement with Citibank. The company will take necessary steps to terminate the GDS programme and consequently the GDS will be delisted from the Luxembourg stock exchange,” Tata Power mentioned in a regulatory submitting.
Meanwhile, Tata Power posted a 4% rise in Q1FY25 revenue to Rs 1,189 crore and a 12% enhance in income throughout the identical interval to Rs 16,810 crore.
The project, entailing a capability of 600MW, would require an funding of Rs 6,900 crore. Once the stake-purchase is accomplished, Khorlochhu Hydro Power will turn into an affiliate firm of Tata Power.
Tata Power will companion with Druk Green Power to develop the 600MW station.“This project will support Tata Power to accelerate its clean and green energy transition,” the corporate mentioned.
Separately, Tata Power mentioned it should terminate its international depository shares (GDS) from the Luxembourg inventory change due to “no activity for the past several years”. The firm had issued GDS in 1994 and had appointed Citibank as unique depository for this programme.
“Considering that there has been no activity for the past several years and this will simplify the company’s financial reporting requirements and reduction in administrative costs, it has been decided to terminate the GDS programme and its engagement with Citibank. The company will take necessary steps to terminate the GDS programme and consequently the GDS will be delisted from the Luxembourg stock exchange,” Tata Power mentioned in a regulatory submitting.
Meanwhile, Tata Power posted a 4% rise in Q1FY25 revenue to Rs 1,189 crore and a 12% enhance in income throughout the identical interval to Rs 16,810 crore.
