Tata Power subsidiary shines on acquiring additional stake in ABV

India’s largest power generation company, Tata Power Co. Ltd, informed that its wholly-owned subsidiary, Tata Power International Pte Limited (TPIPL) has acquired ten per cent equity stake in Adjaristsqali Netherlands BV (ABV) from International Finance Corporation (IFC) for USD 1,50,000, which is around Rs 1.13 crore.

The company informed via an exchange filing made on May 20 after the market hours that the acquisition has been done as per the provisions of the shareholder agreement. This ten per cent stake acquisition has increased the total shareholding of Tata Power International Pte Ltd in ABV to 50 per cent.  

Meanwhile, discussing about ABV, the company added that the latter owns 100 per cent stake in Adjaristsqali Georgia LLC (AGL), which has developed a hydro project in Georgia of 187 megawatt (MW), at a cost of around USD 500 million. Nevertheless, it has commissioned 178 MW of the total capacity in March, 2020.

At 9.29 am on Thursday, the stock of Tata Power Co. Ltd is trading at Rs 33.70, up by 1.05 per cent against its previous close of Rs 33.35. Its 52-week high is Rs 74.05 while, its 52-week low is Rs 27.00 on BSE.