Article length: 354 words
South Africa: Tata Power sells Cennergi stake
India’s Tata Power announced on 17 September that it had sold its 50% stake in power developer Cennergi to its joint venture partner Exxaro Resources. The shares were held through Tata Power’s wholly owned subsidiary Khopoli Investments. ABSA Bank advised Khopoli on the transaction.The R1.55bn ($106m) transaction is part of a wider sale of international assets in a drive to reduce the company’s debt. Tata Power has been losing money from its 4GW coal power plant near Mundra in India.
Credit value: 4