Tata Power Co. has received a Letter of Intent from REC Power Development and Consultancy Ltd.—a subsidiary of REC Ltd.—to acquire Jalpura Khurja Power Transmission Ltd.
The project special purpose vehicle will be developed on a build-own-operate-transfer basis to provide transmission services for 35 years from the scheduled date of commercial operation, according to an exchange filing on Friday.
The commercial operation will begin 18 months from the date of the project SPV acquisition. The estimated project cost is Rs 838 crore, it said.
Shares of Tata Power closed 0.70% down at Rs 376.15 apiece on the BSE, as compared with a 0.52% rise in the benchmark Sensex.
On Feb. 14, Tata Power said its subsidiary, Tata Power Renewable Energy Ltd., signed an agreement worth Rs 105 crore with Tata Communications Ltd. to set up an 18.75-megawatt captive solar plant in Maharashtra.
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