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Tata Power International Pte Ltd acquires 10% stake in Adjaristsqali Netherlands BV

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Tata Power arm TPIPL acquires 10 pc equity in ABVOn May 20, 2020 Tata Power announced that its subsidiary Tata Power International Pte Ltd(TPIPL) has acquired a 10% stake in Adjaristsqali Netherlands BV(ABV) from the International Finance Corporation(IFC) for USD 150,000 (about Rs 1.13 crore). The increase in stake has increased TPIPL’s shareholding in ABV to 50%.

BV– Private limited company in the Netherlands

Key Points

i.The agreement is signed among TPIPL, ABV, and the IFC. The acquisition is done  as per the provisions of the shareholder agreement.

ii.ABV owns 100% stake in Adjaristsqali Georgia Limited Liability Company-LLC (AGL), which has developed a 187-megawatt (MW) hydro project in Georgia at a cost of around USD 500 million(Rs 37.5 billion). As of March 2020 it has commissioned 178 Mega Watt(MW) of the total capacity.

iii.Tata Power has  announced that its wholly-owned subsidiary Khopoli completed the sale of the company’s entire stake in  Cennergi Private Limited to Exxaro Resources Limited for ZAR 1,550 million (~USD 84.25 million) and normal working capital and other adjustments in April 2020.

About Tata Power:
Tata Power is one of India’s largest integrated power companies, and together with its subsidiaries, has a total installed capacity of 10,763 MW.
Registered Office– Mumbai, Maharashtra
CEO & Managing Director– Praveer Sinha

About ABV:
It is a subsidiary of Clean Energy Invest, a Norwegian hydro-power generating company. The company builds, owns, and operates hydro projects on the Adjaristsqali River and its tributaries in Adjara in Georgia.
Headquarters– Amsterdam, Netherlands
Chairman– Kyrre Olaf Johansen