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Tata Power plans to invest ₹830 crore for a 40% stake in Bhutan's Khorlochhu Hydro Power Limited, developing a 600 MW hydro project. This move aligns with Tata Power's commitment to clean energy and supports their ₹20,000 crore capex for FY25.
Tata Power has announced plans to acquire a 40% stake in Bhutan-based Khorlochhu Hydro Power Limited (KHPL) for ₹830 crore. This investment aims to develop a 600 MW hydro project in Bhutan in collaboration with Druk Green Power Company. As a result, Tata Power’s share price today will remain in focus.
Tata Power has reached an agreement with Druk Green Power Company to develop the hydro project. The acquisition of the 40% equity stake in KHPL will be carried out in one or more tranches, with the first tranche expected to be completed within six months.
The Share Purchase Agreement will be executed between Tata Power, the existing shareholders of KHPL, and KHPL itself.
This strategic investment will strengthen Tata Power's efforts to accelerate its transition to clean and green energy. Praveer Sinha, CEO and Managing Director of Tata Power emphasised the company's commitment to adopting new and emerging clean energy technologies.
Tata Power's planned capital expenditure for this financial year is ₹20,000 crore, covering various clean energy projects, including the hydro project in Bhutan and potential developments in small modular nuclear reactors as government policies evolve.
In a separate filing, Tata Power's Board of Directors approved the termination and delisting of its Global Depository Shares (GDS) program. The GDSs, issued in 1994 and listed on the Luxembourg Stock Exchange, have seen no activity for several years.
Terminating the GDS program will simplify Tata Power's financial reporting and reduce administrative costs. Necessary steps will be taken to terminate the program, delisting the GDSs from the Luxembourg Stock Exchange.
On the day of the announcement, Tata Power's share price closed at ₹439.50, reflecting a gain of ₹4.70 (1.08%). Over the past 12 months, the stock has provided a return of 88.79%, nearly doubling investors' money.
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