“The Board of Directors of The Tata Power Company Limited has proposed the acquisition of a 40% equity stake in Khorlochhu Hydro Power Limited (KHPL) in one or more tranches. In this connection, we wish to inform you that the company has today executed the Share Purchase Agreement between the company, the existing shareholder of KHPL, and KHPL,” the company said in its press release.
With the acquisition, the company will also take over the development of the 600 MW Khorlochhu Hydropower Project in Bhutan, which will cost approximately Rs 6,900 crore.
This project will support Tata Power in accelerating its clean and green energy transition.
On Monday, the company’s shares rose marginally to settle at Rs 425. The stock has surged 78% in the last year and has delivered 615% returns over the last five years.