Key Developments: Tata Power Company Ltd (TTPW.NS)
91.50INR
24 May 2013
Rs3.50 (+3.98%)
Rs88.00
Rs88.20
Rs91.85
Rs87.00
4,574,152
2,492,591
Rs113.15
Rs84.60
Latest Key Developments (Source: Significant Developments)
Tata Power Company Ltd Ties Up With Clean Energy Invest AS, IFC To Build Power Project In Georgia-DJ
Dow Jones reported that Tata Power Company Ltd said it has inked an agreement with Norway's Clean Energy Invest AS and the World Bank's investment arm, the International Finance Corporation, to build a $700 million hydro-power project in Georgia. The Company said it will build a 400-megawatt project in three phases for the sale of power primarily to Turkey. The facility will be built in an alliance with Clean Energy Invest AS and IFC InfraVentures, a fund created by IFC in 2008 to support and develop infrastructure projects in the world's poorest countries. The first phase of 185 MW is expected to be completed before mid 2016. Tata Power and Clean Energy would hold 40% stake each and rest would be held by IFC. Tata Power has a total generation capacity of 8,521 MW, of which 450 MW is hydro-power. Full Article
Rockwell Collins Inc And Tata Power To Bid For India Air Force Pact-Reuters
Reuters reported that Rockwell Collins Inc will jointly bid with a unit of India's Tata Power Co Ltd for a contract, expected to be worth $150 million to $200 million, to supply radio equipment to the Indian Air Force. Full Article
Tata Power Company Ltd's Khopoli Investments Limited Acquires 26% Stake In PT Baramulti Suksessarana TBK
Tata Power Company Ltd announced that it has acquired 26% stake in PT Baramulti Suksessarana TBK (BSSR), Indonesia through its 100% subsidiary Khopoli Investments Limited and is now a 26% shareholder in BSSR. PT Antang Gunung Meratus (AGM), a 100% subsidiary of the BSSR and BSSR together owns approximately 1 billion tonnes of coal resources in South and East Kalimantan in Indonesia. BSSR has listed its shares at the Indonesian stock Exchange. earlier, the Company has signed a long term coal supply agreement with PT Antang Gunung Meratus (AGM). Full Article
Tata Power Company Ltd Announces Board Changes
Tata Power Company Ltd announced that effective November 08, 2012, Mr. Ratan N. Tata has stepped down as Chairman of Tata Power and Mr. Cyrus P. Mistry has been appointed Chairman. Mr. Tata will however continue on the Board of Tata Power till his retirement in December 2012. Full Article
Tata Power Company Ltd Receives Letter Of Intent For Electricity Distribution Franchise For Jamshedpur Circle
Tata Power Company Ltd announced that it has been awarded the letter of intent (LOI) for the distribution franchise of Jamshedpur circle by Jharkhand State Electricity Board (JSEB). The Distribution franchise awarded to Tata Power will be for a period of 15 years. Tata Power will be responsible for operating and maintaining the distribution network in the Jamshedpur circle, which includes Jamshedpur Tata Steel city, Aditya and Ghatsila divisions. Tata power will also be managing the billing and collections. Full Article
Tata Power Company Ltd Launches And Successfully Completes Debenture Issue Of INR1,500 Crores (INR15 Billion)
Tata Power Company Ltd announced that the Company has launched and successfully completed an offering of 60 years debentures of INR1500 crores (INR15 billion). The lead arranger for the issuance is Yes Bank Limited. These debentures have a maturity of 60 years and there is a call option with the Company which can be exercised at the end of 10 years and at the end of every year thereafter. The Coupon (which may be deferred at the Company's option) on the Debentures Is set at 10.75% p.a., with a step 'up provision if the Debentures aren't called after 10 years. Full Article
Tata Power Company Ltd To Raise INR15 Billion via 60 year Hybrid Bonds-The Economic Times
The Economic Times reported that Tata Power Co Ltd has decided to raise INR15 billion ($269.06 million) through hybrid bonds at 10.75% coupon payable on a semi-annual basis, a source with direct knowledge of the deal. The power producer is issuing 60-year unsecured hybrid bonds structured with a call option at the end of the 10th year and a step-up if the call is not exercised, the source said. The hybrid defined maturity bonds are the first ever with such a structure in the Indian rupee bond market. Full Article
Tata Power Co Ltd Gets Bids For INR15 Billion Perpetual Bonds-The Economic Times
The Economic Times reported that Tata Power Co Ltd has received underwriting bids on Tuesday for its INR15-billion perpetual bonds, but is expected to launch the deal by the second week of August, four sources who bid for the issue said. The deal is expected to be priced at sub-11% semi-annual coupon levels, compared to the prevailing secondary market range of 10.75-10.85% annualised, they said. The firm is planning to raise funds through perpetual bonds as they are considered quasi-equity, giving much needed support to the leverage ratio, three bankers involved in the deal said. The perpetual bond has a call option at the end of the tenth year. Full Article
Tata Power Co Ltd Completes Purchase Of 51% Equity Shares Of Tata BP Solar India Limited From BP Alternative Energy Holdings Limited
Tata Power Co Ltd announced that with reference to the earlier announcement dated December 27, 2011, the Company has on June 30, 2012 completed the purchase of 51% Equity Shares of Tata BP Solar India Limited, which were held by BP Alternative Energy Holdings Limited. Consequently, Tata BP Solar India Limited is now a wholly owned subsidiary of the Company. Full Article
Larsen & Toubro Ltd, Tata Power Co Ltd Consortium Shortlisted To Bid For INR100 Billion Defense Ministry Order-DJ
Dow Jones reported that Larsen & Toubro Ltd, in consortium with HCL Infosystems Ltd, and Tata Power Co Ltd, has been short-listed to develop a communication systems for India's defense forces. The project, valued at up to INR100 billion, could be awarded to either the consortium headed by L&T or the other short-listed bidder, Bharat Electronics Ltd. The development is expected to cost about INR3 billion and take 18 months to complete. About 80% of the development cost will be borne by the government. Full Article
Rockwell Collins, Tata Power to bid for India air force pact
BANGALORE - Rockwell Collins Inc will jointly bid with a unit of India's Tata Power Co Ltd for a contract, expected to be worth $150 million to $200 million, to supply radio equipment to the Indian Air Force, the U.S.-based company said.
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