Tata Power sells entire 50% stake in South African joint venture Cennergi for $106 mn
Tata Power has sold its entire 50 per cent stake in Cennergi, a South African joint venture, for $106 million.
Cennergi Ltd is a 50:50 joint venture between Exxaro Resources Ltd. and Khopoli Investments Ltd., a wholly owned subsidiary of The Tata Power Company Ltd. Exxaro is a leading South African coal producer. Post this transaction, Exxaro will have 100 per cent ownership of Cennergi, Tata Power said in a filing to the exchanges.
“The decision to monetise this South African asset is in alignment with our stated strategy to deleverage the Balance Sheet by divesting sub-optimal size international assets,” said Praveer Sinha, CEO & Managing Director, Tata Power. “The proceeds from such sale would be re-invested in emerging areas where there is a huge growth opportunity.
