06 May Tata Power in $1.45b Welspun buyout
Tata Power (NSE:TATAPOWER), one of India’s largest private power companies is looking to acquire Welspun Renewables, a subsidiary of the Welspun Group for US$1.45 billion.
If the deal is agreed on Tata will undertake 1,152MW of wind and solar power. This covers 685MW of operational solar and wind energy capacity, 200MW of power set to be commissioned by the end of June and an additional 257MW likely to be online by the last quarter of 2016.
The operation also includes the largest solar power project in India, a 151MW solar PV plant in Madhya Pradesh. GE Energy Financial Services holds a stake in the venture.
Welspun Renewables primarily works in the fabric manufacture sector in India, although the group has expanded to the renewable energy sector.
Tata Power recently increased its own target for shares in renewable energy-based capacity from 20 per cent to 35-40 per cent by 2015.