Tata Power in a regulatory filing on August 16 informed that its Singapore-based arm, Tata Power International Pte (TPIPL) has completed sale of its 50% stake in OTP Geothermal Pte to KS Orka Renewables (KS Orka) for a consideration of $30 million.
“TPIPL has now completed the sale of its stake in OTP to KS Orka,” Tata Power said in a regulatory filing.
OTP is a 50:50 joint venture between Origin Energy Ltd and Tata Power International Pte (TPIPL), it added.
TPIPL is a wholly-owned subsidiary of Tata Power and had inked the stake sale agreement with KS Orka in April this year.
“The disinvestment in OTP is consistent with the company’s strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders,” Tata power said.
Tata Power has significant investments in Indonesia including PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk.
The company also continues to explore thermal and renewable power project opportunities within the independent power producer (IPP) programmes of the Indonesian government, Tata Power said.
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