Project

Arianna Danganan

, India

Published:

5 years ago

Tata Power arm sells Energy Eastern for $10.19m

The transaction is expected to be completed by 31 March 2019.

Electric utility firm Tata Power announced that its arm Coastal Gujarat Power has inked a deal to sell 100% of its stake in wholly-owned subsidiary Energy Eastern (EEPL) to Trust Energy Resources (TERPL) for $10.19m, a bourse announcement revealed.

According to the statement, the transaction is expected to be completed by 31 March 2019. Trust Energy Resources is also wholly-owned subsidiary of the company.

The transaction will fall within related party transactions and is done at arms length basis, media reports add.

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