Tata Power’s board has approved the sale of its Defense business to Tata Advance Systems, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs 2,230 crore (out of which Rs 1,040 crore payable at the time of closing and Rs 1,190 crore payable on achieving certain milestones), subject to Government & other approvals. This is as part of the company’s plan to monetize its non-core assets and improve the balance sheet. This will be subject to Shareholders approval.
Tata Power is India’s largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10757 MW and a presence in all the segments of the power sector.
