Tata Power has approached the MoP and Gujarat UrjaVikas Nigam Limited (GUVNL) to sell 51 per cent equity in the 4,000 MW Mundra ultra mega power project (UMPP) to the company. Tata Power has offered a price of Re 1 for writing off the UMPP from its books. Coastal Gujarat Power Limited (CGPL), Tata Power’s wholly owned subsidiary that owns the UMPP, has suggested two options. First, renegotiating the power purchase agreement and second, selling equity. Tata Power proposes to continue operating the plant under an operations and maintenance contract, and provide all the required support to the project as a 49 per cent stakeholder.