Tata Power gains as Singapore arm to sell stake in OTP Geothermal

Tata Power International Pte. Ltd will sell 50% stake in OTP Geothermal Pte. Ltd for $30 million

Shares of Tata Power were up over 1% at Rs 65 on the Bombay Stock Exchange after the company said its Singapore-based arm Tata Power International Pte. Ltd plans to sell stake in OTP Geothermal Pte. Ltd.

Tata Power International Pte. Ltd (TPIPL), a Singapore company and wholly-owned subsidiary of Tata Power signed an agreement with KS Orka Renewables Pte. Ltd for the sale of its 50% stake in OTP Geothermal Pte. Ltd, Tata Power said in a release.

OTP, a 50:50 joint venture with Origin Energy Ltd, holds a 95% interest in Indonesia's PT Sorik Marapi Geothermal Power Project in North Sumatra.
 

The  aggregate cash consideration of TPIPL's 50% stake is $30 million, the release added.

The stock opened at Rs 64.65 and touched a high of Rs 65.45. At 1:50pm, over 6 million shares were traded on both the stock exchanges.