Tata Power to sell 3 ships to German company for $212 million
MUMBAI: Singapore-based Trust Energy Resources Pte Ltd (TERPL), a fully-owned subsidiary of Tata Power Company Ltd (TPCL), will sell three ships to German company Oldendorff Carriers GmbH & Co. KG for an estimated cost of $212.76 million.
The sale of the three ships — MV Trust Agility, MV Trust Integrity and MV Trust Amity — currently owned by TERPL is expected to be concluded in the next three to four weeks and is subject to necessary regulatory approvals, the company said in a release.
Tata Power had said in the past that it plans to pursue an asset-light model for the company’s shipping requirements and the sale proceeds will be used towards reducing the debt as part of the overall restructuring plan of the company.
