Tata Power to sell Singapore-based Trust Energy Resources for $285m
The Tata Power Company has entered into a share purchase agreement (SPA) to sell Trust Energy Resources Pte Ltd (TERPL) to another of its fully-owned subsidiary — Tata Power International Pte. Ltd. (TPIPL) for a consideration of $285.64 million.
Trust Energy Resources is a Singapore-based shipping company.
It is engaged in securitizing coal supply and the shipping of coal for Tata Power’s thermal power plants.
Trust Energy Resources is focused on ship owning, ship chartering and operating, investing in coal mining assets or companies, and coal trading in coal.
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.
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.