Tata Power Acquires Welspun Energy's renewable assets

NEW DELHI/MUMBAI: Tata Power Company has said its renewables arm has signed an agreement with Welspun Energy Pvt Ltd to acquire its green energy portfolio for an estimated at Rs 10,000 crore ($1.4 billion).

In a statement issued late on Sunday night, Tata Power Renewable Energy said it has signed share purchase agreement to buy Welspun Renewable Energy's 1.1 GW renewable portfolio in what would be the largest solar M&A in the country and also among the largest such renewable buyout in the whole of Asia.

Welspun Renewables is a 100 per cent subsidiary of Welspun Energy which in turn is co-owned by the listed Welspun Enterprises. BK Goenka, chairman Welspun Group and serial entrepreneur Vineet Mittal who is also the Managing Director of the business are the other key shareholders along with a clutch of foreign financial investors.

Source: Economic Times 13.06.2016