Tata Power JV to acquire 2 power plants for Rs 920 cr from Tata Steel
Tata PowerNSE -2.62 % on Friday said its joint venture Industrial Energy Ltd has signed pacts with Tata SteelNSE 0.65 % to acquire a captive gas-based power plant and a diesel project in Kalinganagar, Odisha for around Rs 920 crore.
Industrial Energy Ltd (IEL) is a joint venture between Tata Power and Tata Steel in the ratio of 74:26, respectively.
“IEL has signed asset purchase agreements with Tata Steel on October 24, 2019 for acquisition of 120 MW captive gas-based power plant and 40 MW diesel generating station (40 MW DGS) at Kalinganagar from Tata Steel,” Tata Power said in a BSE filing.
