Wednesday, 30 November 2016

Tata Power to sell PT Arutmin stake for $247 mn

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Tata Power will sell its 30 percent stake in Indonesia-based coal company PT Arutmin for a sharply lower consideration of USD 246.64 million after entering into revised pacts that take into account certain prior liabilities. "The sale consideration for PT Arutmin is now revised to USD 246.64 mn (million) from the earlier value of USD 390 mn, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with mining contractor, pursuant to a court order (about USD 80 mn as company's share) and other statutory liabilities (about USD 50 mn)," Tata Power said in a BSE filing. The consideration is expected to be received in a phased manner over the next few years.

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