News Brief | January 2017
Tata Power to sell PT Arutmin stake for $247 mn
Tata Power will sell its 30 per cent stake in Indonesia-based coal company PT Arutmin for $246.64 million. ´The sale consideration for PT Arutmin is now revised to $246.64 million from the earlier value of $390 million, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with mining contractor, pursuant to a court order (about $80 million as company´s share) and other statutory liabilities (about $50 million),´Tata Power said in a BSE filing. The consideration is expected to be received in a phased manner over the next few years.