Mumbai: Tata Power will buy a 40% stake in a hydro power project in Bhutan for Rs 830 crore as part of its plans to ramp up its green energy portfolio. The project, entailing a capacity of 600MW, will require an investment of Rs 6,900 crore. Once the stake-purchase is completed, Khorlochhu Hydro Power will become an associate company of Tata Power.
Tata Power will partner with Druk Green Power to develop the 600MW station. “This project will support Tata Power to accelerate its clean and green energy transition,” the company said. Separately, Tata Power said it will terminate its global depository shares (GDS) from the Luxembourg stock exchange due to “no activity for the past several years”.
The company had issued GDS in 1994 and had appointed Citibank as exclusive depository for this programme. “Considering that there has been no activity for the past several years and this will simplify the company’s financial reporting requirements and reduction in administrative costs, it has been decided to terminate the GDS programme and its engagement with Citibank. The company will take necessary steps to terminate the GDS programme and consequently the GDS will be delisted from the Luxembourg stock exchange,” Tata Power said in a regulatory filing.
Meanwhile, Tata Power posted a 4% rise in Q1FY25 profit to Rs 1,189 crore and a 12% increase in revenue during the same period to Rs 16,810 crore. We also published the following articles recently India Post GDS Application .