Tata Power acquires stake in Zambian power project

The company entered into a stake purchase agreement with Tata Africa Holdings to purchase its 50 percent stake in an under construction project in Zambia

Tata Power is acquiring 50 percent shares in a joint venture hydro electric power project in Zambia from its sister concern. On Wednesday, Tata Power announced it has entered into a stake purchase agreement with Tata Africa Holdings to purchase its 50 percent stake in an under construction project in Zambia. Zambian utility Zesco owns the remainder 50 percent in the project, which is expected to be complete in fourth quarter of 2015.

Tata Power did not disclose the purchase price. " Through this project, we hope to create value for the people of Zambia whilst maximizing shareholder value in line with our vision. We also hope that with this association we can look forward to forging further relationships in Zambia too," said  Anil Sardana, CEO & Managing Director, Tata Power