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Tata Power enters definitive agreements for sale of ships

Friday, 12 Jun 2020

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Tata Power’s Singapore arm Trust Energy Resources has entered into definitive agreements with Oldendorff Carriers for the sale of three ships at an estimated consideration of USD 212.76 million.

The sale is part of the Tata Group utility's strategy to divest non-core operations to pare debt and become asset light.

The sale of shipping assets announced is in line with the company’s long term plans to reduce debt and raise funds to invest in future growth plans, including expanding its presence in the renewable energy business.

The sale is also part of the restructuring within Tata Power to chalk out the roadmap for growth over the next decade.

Tata Power Company hopes to raise about Rs 3,000 crore from divestment of non-core operations and restructure the renewable energy business with an aim to cut debt by at around 40 percent to Rs 25,000 crore in FY21.

The sale of the three ships owned by Tata Power arm Trust Energy Resources includes MV Trust Agility, MV Trust Integrity and MV Trust Amity and is likely to be concluded in the next three to four weeks and subject to necessary regulatory approvals.