Tata renewable arm raises Rs 4,000 crore from BlackRock, others

The Tata group’s power unit on Thursday said it was raising Rs 4,000 crore (or $525 million) from a consortium of investors, including BlackRock and Mubadala, to scale up its renewable energy business. The investor group will get a 10.53 per cent stake in Tata Power Renewable Energy for the money injected by way of equity and compulsorily convertible instruments, Tata Power said.

The company has entered into a binding agreement with the Blackrock-led consortium to invest in the subsidiary at a base valuation of Rs 34,000 crore ($ 4.5 billion). The objective, it said, was to create a comprehensive energy platform.