The proceeds of the NCDs will be utilised towards general corporate purpose of CGPL, including refinance of existing debt, capital expenditure, augmentation of working capital.
Tata Power will supply the energy to GUVNL under a Power Purchase Agreement (PPA) valid for a period of 25 years from the scheduled commercial operation date.
The memorandum of understanding (MoU) was signed by MGL Managing Director Sanjib Datta and Tata Power CEO and Managing Director Praveer Sinha, in Mumbai.
Tata Power had made provision for impairment of investment in Mundra and Georgia businesses in the fourth quarter of 2017-18.
The power from these assets is currently tied up with the company's distribution business under a long-term power purchase agreement.
The Memorandum of Understanding (MoU) was signed Tuesday in presence of IGL Managing Director E S Ranganathan, Tata Power CEO and Managing Director Praveer Sinha, GAIL Chairman and Managing Director B C Tripathi, and other senior officials of both the companies, it said.
At 1116 hrs, Tata Power was quoting Rs 73.90, up 3.5 percent on the BSE.
Tata Power SED has signed a deal with the Ministry of Defence to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years, a Tata Power statement said on Friday.
Tata Power Strategic Engineering Division (Tata Power SED) signed a deal with the Ministry of Defence to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next 10 years
Growth in the Tata group’s market cap has beaten that of the Nifty, but several weak spots remain.
Fuel cost of the company rose to Rs 3,189.87 crore from Rs 2,491.24 crore in the year-ago period. Similarly, the finance cost rose to Rs 1,013.96 crore from Rs 855.28 crore a year ago.
Neutral-to-moderately popular stocks outperformed significantly when compared to the most popular stocks in the December quarter, according to a report from Motilal Oswal on contrarian investing.
Praveer Sinha, MD & CEO of Tata Power, spoke to CNBC-TV18 about the agreement and cost structure.
From a technical perspective, after hitting a bottom in October, mid-cap and small-cap indices marginally outperformed the Nifty, and right now, they appear to be on the verge of a fresh breakout
Essel has a total portfolio of 23 projects, under various stages of development, with nearly 310 MW of operational solar power facilities, and another 375 MW capacity under construction.
The company has signed a Share Purchase Agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to acquire 75.01 percent stake in PPGCL, which owns and operates a 1,980 MW supercritical power plant in Uttar Pradesh.
Tata Power's Mundra plant has a capacity of around 4,000 MW that had become unviable because of the rise in cost of generating power
“In all, it is a very fair sharing of responsibility and sharing of benefits,” said Praveer Sinha, MD and CEO of Tata Power.
"The board has approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of non-convertible debentures up to an aggregate amount not exceeding Rs 5,500 crore on private placement basis," Tata Power said in a BSE filing.
Both the entities also intend to additionally explore areas of opportunities & collaboration in related fields like renewable energy, a company statement said.