NEW DELHI: Tata Power on Monday said its arm Coastal Gujarat Power inked a share sale pact to sell its 100% stake in Energy Eastern to Trust Energy Resources for $10.19 million.
“Coastal Gujarat Power Limited (CGPL), a wholly owned subsidiary of the Company has signed a Share Purchase Agreement (SPA) on March 25, 2019 with Trust Energy Resources Pte Ltd (TERPL), another wholly owned subsidiary of the Company to sell its 100 per cent equity stake in Energy Eastern Pte Ltd (EEPL) a wholly owned subsidiary of the CGPL,” a Tata Power statement said.
According to the statement this transaction is expected to be completed by 31 March, 2019. Trust Energy Resources is a wholly-owned subsidiary of the company.
