Tata Power said it has received a letter of intent (LoI) from REC Power Development and Consultancy to acquire the Jalpura Khurja Power Transmission project at an estimated cost of Rs 838 crore.
The project special purpose vehicle (SPV) will be developed on a build-own-operate-transfer basis to provide transmission services for 35 years from the scheduled date of commercial operation which is 18 months from the date of SPV acquisition, the company said in an exchange filing on Friday.
“Received a letter of intent (LoI) from REC Power Development and Consultancy Ltd— a wholly-owned subsidiary of REC Ltd — to acquire Jalpura Khurja Power Transmission Limited, a project special purpose vehicle (SPV). The estimated cost of the project is Rs 838 crore,” Tata Power said.
RECPDCL is a wholly-owned subsidiary of REC Limited, a non-banking finance company (NBFC), and infrastructure financing company under the Ministry of Power.
Tata Power’s scrip ended at Rs 376.15, down 0.70% on the BSE, Friday. Benchmark Sensex ended 0.52% higher.
Source: Economic Times