The Board of Directors of Force Motors granted approval for the acquisition of a 12.21% share in TP Surya. TP Surya, a wholly-owned subsidiary of Tata Power Renewable Energy Limited, Mumbai, functions as a Special Purpose Vehicle (SPV) with a focus on developing ground-mounted solar photovoltaic power projects in Maharashtra.
The acquisition, a strategic move by the company, aligns with the Maharashtra Group Captive arrangement for Green Energy under Open Access, fostering collaboration with Tata Power Renewable Energy Limited. This venture positions the company to actively participate in the burgeoning renewable energy sector, contributing to the green energy initiatives in the region.
In terms of regulatory aspects, the acquisition does not fall within the purview of related party transactions, signalling a transparent and independent undertaking. The industry focus of TP Surya lies within the realm of Utility/Power Generation, marking a significant addition to the acquirer’s portfolio in the energy sector.
Crucially, the board anticipates the acquisition to be completed by March 31, 2024, subject to meeting closing conditions. The consideration for the acquisition, amounting to Rs. 2,68,74,210, is set to be settled in cash. This amount corresponds to the acquisition of 26,87,421 Equity Shares, each valued at Rs 10.
Tata Power Renewable Energy Limited established TP Surya as an SPV on September 26, 2023, marking a strategic move in the company’s expansion into solar power projects in Maharashtra. Although still in its growing stages, TP Surya is poised to play a pivotal role in the region’s solar energy landscape, contributing to the overall renewable energy goals.
