Tata Power completes sale of defence business to Tata Advanced Systems

Tata Power Company has completed the sale of its Defence business on 31 October, 2020 to Tata Advanced Systems, a wholly owned subsidiary of Tata Sons. The sale was completed as per a Scheme of Arrangement, which was approved by National Company Law Tribunal at Mumbai and Hyderabad in December'19 & March'20 respectively.

The Company is expected to receive Enterprise Value of Rs. 1,076 crore as upfront payment (Rs. 1,040 crore as per Agreements which was revised in line with closing adjustments). Balance consideration is subject to completion of achieving certain milestones specified in the agreements.

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