Tata Power's Singapore arm completes 50% stake sale in OTP Geothermal
Tata Power's Singapore subsidiary Tata Power International has completed its 50% stake sale in OTP Geothermal to KS Orka Renewables.
"Tata Power International Pte. Ltd (TPIPL), a wholly-owned subsidiary of the company in Singapore, had signed an agreement for sale of its 50% stake in OTP Geothermal Pte. Ltd., Singapore (OTP) to KS Orka Renewables Pte.Ltd. (KS Orka) in April 2016," Tata Power said in a filing to the BSE on Tuesday.
OTP Geothermal is a 50:50 joint venture with Origin Energy. The company holds a 95% interest in Indonesia's PT Sorik Marapi Geothermal Power (SMGP).
Tata Power is India's largest integrated power company with a growing international presence.
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At 13:59 hours, the stock of Tata Power was trading down 0.33% or Rs 0.25 at Rs 76.25 on the BSE.