The logo of Tata Power.
Credit: tatapower.com/
New Delhi: Tata Power on Monday said it has acquired 40 per cent 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 The Tata Power Company Limited approved a proposal for the acquisition of a 40 per cent equity stake in Khorlochhu Hydro Power Limited in one or more tranches.
The cost for acquisition of a 40 per cent 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.