Tata Power arm to divest 50% stake in South African joint venture

NEW DELHI: Tata PowerNSE -0.23 % on Tuesday said its arm Khopoli Investments will divests its entire 50% stake in South African joint venture Cennergi for $106 million (around 761 crore). According to a company statement, Cennergi (Pty) Ltd is a 50:50 joint venture between Exxaro Resources and Khopoli Investments, a 100% subsidiary of Tata Power. Exxaro is a leading South African coal producer.

“Khopoli Investments announced the execution of a share purchase agreement with Exxaro Resources for the divestment of the company’s entire 50% stake in Cennergi…for an amount of ZAR (South African Rand ) 1,550 million ($106 million), subject to normal working capital and other adjustments,” a Tata Power statement said.