April 19, 2024 19:58 (IST)
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Tata Power's Singapore subsidiary to sell OTP stake
Mumbai, Apr 8 (IBNS) The Tata Power Company Limited announced on Friday that its wholly owned subsidiary, Singapore-based Tata Power International Pte. Limited (TPIPL), has signed an agreement with KS Orka Renewables Pte. Ltd. for the sale of its 50 per cent stake in OTP Geothermal Pte. Ltd. (OTP).
According to the annoucement, the aggregate cash considerationfor TPIPL’s 50 per cent stake is USD 30 million.
OTP, a 50:50 joint venture with Origin Energy Limited, holds a 95 per cent interest in Indonesia’s PT Sorik Marapi Geothermal Power (SMGP).
SMGP is currently pursuing development of 240 MW Sorik Marapi Geothermal Power Project in North Sumatra.
According to the announcement, the company has significant investments in Indonesia and remains committed to development of Indonesian power and energy sector. Its other investments in Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk.
The sale is subject to customary Conditions Precedent (CPs) including approvals from relevant Indonesian government authorities.
The company targets to complete the sale in next three months subject to satisfaction of the required conditions.
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