Post by Sapphire Capital on Jul 22, 2008 4:08:53 GMT 4
July 21, 2008
MUMBAI: Tata Power on Monday said that it has acquired 26 per cent stake in 114 MW hydro-power project and will deliver the generated power at the India-Bhutan border.
The company has bought 26 per cent stake in the project, while Tata Power trading has negotiated to purchase all the power generated from the project, the private sector power utility said in a filing to the Bombay Stock Exchange.
"Tata Power Trading will off-take power from the project for a period of 25 years and the power will be delivered at India-Bhutan border," it added.
Tata Power has entered into a partnership with the Royal Government of Bhutan through Druk Green Power Corp (DGPC) for developing the said project.
The project would be executed by the Special Purpose Vehicle Dagachhu Hydro Power Corp, it said.
However, the financial details and the terms of the partnership were not disclosed.
"This partnership consists of equity participation and off-take of power by the company and Tata Power Trading Company respectively," Tata Power Managing Director Prasad Menon said.
The power is expected to be evacuated through the Tala Transmission Link into India's Eastern Region Grid.
Shares of Tata Power closed at Rs 1,043.65 up 2.78 per cent on the BSE.
MUMBAI: Tata Power on Monday said that it has acquired 26 per cent stake in 114 MW hydro-power project and will deliver the generated power at the India-Bhutan border.
The company has bought 26 per cent stake in the project, while Tata Power trading has negotiated to purchase all the power generated from the project, the private sector power utility said in a filing to the Bombay Stock Exchange.
"Tata Power Trading will off-take power from the project for a period of 25 years and the power will be delivered at India-Bhutan border," it added.
Tata Power has entered into a partnership with the Royal Government of Bhutan through Druk Green Power Corp (DGPC) for developing the said project.
The project would be executed by the Special Purpose Vehicle Dagachhu Hydro Power Corp, it said.
However, the financial details and the terms of the partnership were not disclosed.
"This partnership consists of equity participation and off-take of power by the company and Tata Power Trading Company respectively," Tata Power Managing Director Prasad Menon said.
The power is expected to be evacuated through the Tala Transmission Link into India's Eastern Region Grid.
Shares of Tata Power closed at Rs 1,043.65 up 2.78 per cent on the BSE.