The Tata Power Renewable Energy Limited announced today that it has completed acquisition of 100% shareholding in Welspun Renewables Energy Private Limited and its subsidiaries.
Mr. Chetan Tolia has been appointed CEO & Executive Director of WREPL. Mr. Tolia was Chief Human Resources Officer of Tata Power prior to this appointment.
Speaking on achieving this milestone, Mr. Rahul Shah, CEO & Executive Director, Tata Power Renewable Energy Limited, said, "The Company continues to pursue growth in Renewable Energy space to create value 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."
Mr Chetan Tolia, CEO & Executive Director of WREPL said "WREPL will now embark upon a consolidation plan to stabilise and also optimise the returns on the assets to make the acquisition a success."
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.