Tata Power on Monday said it has acquired a 40% stake in Bhutan-based Khorlochhu Hydro Power Limited for Rs 830 crore.
“It has today executed the Share Purchase Agreement between the company, existing shareholder of KHPL and KHPL,” Tata Power said in an exchange filing.
On August 6, the Board of Directors of Tata Power Company Limited approved a proposal for the acquisition of a 40% equity stake in Khorlochhu Hydro Power Limited in one or more tranches. The cost for acquisition of a 40% equity stake in KHPL is around Rs 830 crore, Tata Power had said.
Tata Power said it has finalized an agreement with Druk Green Power Company to develop the hydro project in the neighbouring country at an estimated cost of Rs 6,900 crore.
Source: Economic Times