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Tata Power to buy coal worth Rs 12,000 cr from Indonesian miner in FY23

Related-party transaction with Indonesian mine will need shareholder nod

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Dev Chatterjee Mumbai
Tata Power Company (TPCL) plans to buy coal worth some Rs 12,000 crore from its Indonesian miner this financial year, saying the deal will give it the fuel without “interruptions”.

The company owns a 30 per cent stake in the mine and as the order will be a related-party transaction, it has sought its shareholders’ approval in the forthcoming meeting after its audit committee cleared the agreement. The coal is priced at an arm’s length basis and the transaction has been valued by an independent valuer.

Coastal Gujarat Power, which merged with Tata Power in April, signed an agreement with PT Kaltim

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First Published: Jun 16 2022 | 4:18 PM IST

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