Tata Power has said it has signed a share purchase agreement with Ideal Energy Project (IEPL) to acquire the latter´s 540-MW thermal power plant near Nagpur in Maharashtra for an undisclosed amount. With this acquisition, the company´s generation capacity increases to 8,885 MW. IEPL is promoted by the Mhaiskar family of IRB Infrastructure Developers. It has been on the block since 2011. However, the sale was stuck because of the controversy surrounding the then Bharatiya Janata Party (BJP) president Nitin Gadkari, and his relationship with IRB Infrastructure Developers and its founders, the Mhaiskar family.
IEPL finally commissioned 270-MW capacity in May 2013. According to analysts´ estimates, this acquisition would cost the company Rs 3,500 core.
The acquisition comes at a time when Tata Power is exploring a joint venture partnership with ICICI Securities to buy out troubled power assets.
The latest acquisition will increase the company´s spread in thermal power space.
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