Tata Power has signed a Memorandum of Understanding (MoU) with the Tamil Nadu Government to invest approx. Rs 3,000 crore for setting up a greenfield 4GW Solar Cell and 4GW Solar Module manufacturing plant in
Tirunelveli District of Tamil Nadu.
The MoU outlines the commitment made by both parties to stimulate clean energy transition and employment in the state. The investment in the plant will be made over a period of 16 months and will directly or indirectly create over 2,000 employment opportunities with majority of them being women employee.
|
Tata Steel through its listed subsidiary Tata Steel Long Products (TSLP) has today, i.e. 04 July 2022 completed the acquisition of stake in
Neelachal Ispat Nigam (NINL). The transaction has been completed for an aggregate consideration of Rs 12,100 crore as per the terms and conditions of the Share Sale and Purchase Agreement entered into by the Company in accordance with the process which was carried out by Department of Investment and Public Asset Management (DIPAM). As part of the acquisition, the following have been completed:
1. Subscription of 48,43,75,000 equity shares of face of ₹10/- each aggregating to Rs 3,100 crore by TSLP;
2. Subscription of 0.01%, 45,60,54,252 Non-Convertible Redeemable Preference Shares of face value of Rs 100/- each aggregating to approx. Rs 4,560.54 crore by TSLP.
3. Purchase of 69,40,29,741 equity shares by TSLP from MMTC, NMDC, MECON, Bharat Heavy Electricals, Industrial Promotion and Investment Corporation of Odisha, and Odisha Mining Corporation for the balance consideration.
Consequently, NINL has become a subsidiary of TSLP and an indirect subsidiary of Tata Steel.
|
MMTC has transferred its share of 49.78% of the issued and paid-up equity share capital of Neelachal Ispat Nigam (NINL) to Tata Steel Long Products (TSLP), the successful bidder selected through the two-stage auction procedure involving a competitive bidding process, run under the aegis of Department of Investment & Public Asset Management
(DIPAM), for a consideration determined in accordance with and subject to the terms of the Share Purchase Agreement, Escrow Agreement and other related ancillary agreements (Definitive Agreements).
|
Bharat Heavy Electricals announced that in relation to the divestment of Neelachal Ispat Nigam (NINL), the company has successfully sold and
transferred 0.68% of the issued and paid-up equity share capital of NINL to Tata Steel Long Products (TSLP), the successful bidder selected through the two-stage auction procedure involving a competitive
bidding process, run under the aegis of Department of Investment & Public Asset Management (DIPAM), for a consideration determined in accordance with and subject to the terms of the Share Purchase
Agreement, Escrow Agreement and other related ancillary agreements (Definitive Agreements).
|