Tata Power Company Limited has signed share purchase agreement and acquired a 100 per cent equity stake in Bikaner III Neemrana II Transmission Limited, a special purpose vehicle (SPV).
The acquisition process was completed for Rs 186 million. The SPV, formed in June 2023 will build, own, operate, and transfer electrical power transmission systems between Bikaner and Neemrana in Rajasthan. It involves the purchase of equity against a cash consideration and a one-time settlement of the outstanding debt.