Tata Power to acquire Ideal Energy Projects.

Tata Power said that it has recently signed a share purchase agreement for the acquisition of 100 per cent stake in Ideal Energy Projects Ltd. (IEPL).

IEPL owns a 540 MW coal-based thermal power project near village Bela in Nagpur district, of which 270 MW was commissioned in May, 2013 and is based on domestic coal. Ideal Energy is promoted by D.P Mhaiskar.

Tata Power declined to furnish the financial details of the deal.

The company said the acquisition is subject to statutory approvals and certain conditions precedent.

Anil Sardana, MD and CEO, Tata Power, said, 'We are happy to announce our intent to acquire this project in Maharashtra. It is our constant endeavour to maximise stakeholder value in line with our vision.'

With this acquisition, Tata Power's total generating capacity will increase to 8,885 MW.

HBL