Tata Power Company Limited announced today that, Tata Power Renewable Energy Limited ("TPREL") has signed an SPA with Welspun Energy Private Limited to acquire its subsidiary Welspun Renewables Energy Private Limited ("WREPL").
Speaking on achieving this milestone, Mr. Anil Sardana, CEO & Managing Director, Tata Power, said, "The Company is pursuing growth in Renewable Energy space to create value for its shareholders through various organic and inorganic growth opportunities. This acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets. Tata Power can further enhance value of these assets with its operational experience and financial optimization. The acquisition is also a significant step towards attaining the company's objective of having non-fossil fuel based capacity up to 30-40% of its total generating capacity."
JM Financial Institutional Securities Limited acted as exclusive Transaction Advisor to TPREL in relation to this transaction. KPMG India Private Limited was the Accounting & Tax Advisor. AZB & Partners acted as the Legal Advisor for this transaction.