Singapore-based Trust Energy Resources (TERPL), a wholly-owned subsidiary of the Tata Power, has completed sale of its three ships -- MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers for a consideration of USD 212.76 million.
TERPL will now cater to the shipping requirements of the company's imported coal-based CGPL plant at Mundra in Gujarat under an asset light model which will help unlock significant value and returns for the company's shareholders.
The sale proceeds will be used towards reducing the debt as well as to fund future growth plans.
The sale of the 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.