Tata Power to sell Singapore-based Trust Energy Resources for $285m

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The Company has entered into a share purchase agreement (SPA) to sell Pte Ltd (TERPL) to another of its fully-owned subsidiary — Pte. Ltd. (TPIPL) for a consideration of $285.64 million.

Trust Energy Resources is a -based shipping company.

It is engaged in securitizing coal supply and the shipping of coal for Tata Power’s thermal power plants.

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Trust Energy Resources is focused on ship owning, ship chartering and operating, investing in coal mining assets or companies, and coal trading in coal.

Tata Power to sell Singapore-based Trust Energy Resources for $285m

Tata Power to sell Singapore-based Trust Energy Resources for $285m. Photo courtesy of Free-Photos from Pixabay.

According to Tata Power Company, the deal is subject to relevant regulatory approvals and is anticipated to close in the coming two to three weeks.

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Trust Energy Resources will continue to be a fully owned subsidiary of Tata Power International and will be merged into the latter in the due course, which will be subject to receipt of regulatory approvals.

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