Tata Power Co. Ltd on 12 June 2016 agreed to acquire renewable energy company Welspun Renewables Energy Pvt. Ltd.
Tata Power took the step in a bid to grow its clean energy portfolio to 2.3 gigawatts (GW).
Key highlights of the agreement
• Tata Power’s renewable energy unit Tata Power Renewable Energy Ltd (TPREL) has signed an agreement to acquire Welspun Renewables Energy Private Ltd (WREPL).
• It is the largest transaction in renewables space in India.
• The acquisition is being made at an enterprise value of 9249 crore rupees.
• TPREL will acquire 1140 MW solar and wind power assets of Welspun Energy Private Ltd.
• The deal is expected to close in September 2016.
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