Tata Power, India’s largest integrated power company has today announced termination of a share purchase agreement (SPA) with Ideal Energy Projects Limited (IEPL) for acquisition of 100% stake in a 270 MW coal based thermal power project in Maharashtra, extendable to 540 MW.
An agreement was reached earlier between Tata Power and IEPL for sale of 100 % stake in IEPL in December 2014. As per the terms of SPA, the acquisition was subject to fulfillment of certain conditions precedent. The company made all efforts to arrive at a workable solution to salvage a stressed asset along with key stakeholders. However, the stakeholders could not conclude, leading to non-fulfillment of the aforesaid conditions precedent.
In view of the above, the company has decided not to pursue this opportunity any further and confirm the termination of the SPA.
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