Tata Power to sell its 5% stake in Indonesian coal firm
5 July 2014 11:29 PM GMT
Tata Power on Friday said it will sell its 5 per cent stake in PT Kaltim Prima Coal for about $250 million to cut its debt, less than six months after offloading its holding in another Indonesian coal company PT Arutmin.
‘Tata Power, facing under recovery and cash flow challenges due to its Mundra UMPP operations has signed options agreements to sell 5 per cent stake in PT Kaltim Prima Coal to get additional cash as well as to reduce its consolidated debt,’ the company said.
Now Tata Power's stake PT Kaltim Prima Coal (KPC) will be 25 per cent. As part of the deal, Tata Power through its subsidiaries has the option to sell 30 per cent stake in Power Infrastructure Companies, which are associated with PT Kaltim Prima Coal, to the Bakrie Group entity. pti
‘Tata Power, facing under recovery and cash flow challenges due to its Mundra UMPP operations has signed options agreements to sell 5 per cent stake in PT Kaltim Prima Coal to get additional cash as well as to reduce its consolidated debt,’ the company said.
Now Tata Power's stake PT Kaltim Prima Coal (KPC) will be 25 per cent. As part of the deal, Tata Power through its subsidiaries has the option to sell 30 per cent stake in Power Infrastructure Companies, which are associated with PT Kaltim Prima Coal, to the Bakrie Group entity. pti
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