Tata Power, through its Indonesian subsidiary- PT Sumber Energi Andalan Tbk (SEA) has signed agreement with the Bakrie group entity for the sale of SEA's 30% stake in PT Mitratama Perkasa (MP). The aggregate consideration for SEA's 30% stake in MP is approximately $120 million.
Prior to the sale, MP would be restructured to hold infrastructure assets in relation to PT Arutmin Indonesia (Arutmin) and Tata Power, through its subsidiaries, would continue to hold 30% stake in PT Kaltim Prima Coal (KPC) related infrastructure assets.
The above is a part of the $500 million Arutmin agreement which was announced by the Company on January 31, 2014 regarding the sale of Arutmin and its associated infrastructure assets.
The Company targets to complete the sale of MP in the next two months subject to getting the requisite approvals.
Tata Power is India's largest integrated power company with a significant international presence. The Company has an installed generation capacity of 8521 MW in India and a presence in all the segments of the power sector viz. Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.
