Tata Power Monday said its arm Coastal Gujarat Power inked a share sale pact to sell its 100 per cent stake in Energy Eastern to Trust Energy Resources for USD 10.19 million.
"Coastal Gujarat Power Limited (CGPL), a wholly owned subsidiary of the Company has signed a Share Purchase Agreement (SPA) on March 25, 2019 with Trust Energy Resources Pte Ltd (TERPL), another wholly owned subsidiary of the Company to sell its 100 per cent equity stake in Energy Eastern Pte Ltd (EEPL) a wholly owned subsidiary of the CGPL," a Tata Power statement said.
According to the statement this transaction is expected to be completed by March 31, 2019. Trust Energy Resources is a wholly-owned subsidiary of the company.
The transaction will fall within related party transactions and is done at arms length basis.
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