Tata Power completes Welspun Renewable Energy acquisition
The company further stated that it has appointed Chetan Tolia as CEO of the newly bought firm. Representational Image. Image Source: Pixabay
Welspun Enterprises Ltd announced in a BSE filing on Thursday that Tata Power Renewable Energy has completed acquisition of 100% shareholding of Welspun Renewable Energy.
The company now indirectly holds only 13.66% equity stake in Welspun Renewable Energy services.
In a release Tata Power stated that it has completed acquisition of 100% shareholding in Welspun Renewables and its subsidiaries.
The company further stated that it has appointed Chetan Tolia as CEO of the newly bought firm.
The deal represents the largest transaction in renewables space in India, the company stated as WREPL has 1,141 MW of Renewable Power projects comprising of solar and wind power projects.
The enterprise value of the transaction excluding working capital and cash stands at Rs 9,249 crore.
Shares of the company were trading down 4.36% to Rs 62.50 per share, while shares of Tata Power edged up 0.47% to Rs 75.60 per share in early trading sessions on Thursday.