Tata Power diversify

Tata Power is selling its 30 per cent stake in PT Arutmin, an Indonesian company, for US$246.64 million. The stake is being sold to PT Cakrawala Langit Sejahtera, a unit of Indonesia’s Bakrie group.

Bhira Investments and Bhivpuri Investments, 100 per cent subisidiaries of Tata Power, have signed revised definitive agreements for the sale of stake with PT Cakrawala Langit Sejahtera on November 28, 2016, Tata said.

The deal was valued at US$510 million on January 30, 2014.

Meanwhile, Tata Power’s Maithon Power Limited (MPL), a 74:26 joint venture with Damodar Valley Corporation (DVC), has been honoured with two awards by the Confederation of Indian Industries for being Leader in Excellence in Operation Management and Emerging Leader in People Management.

Maithon Power plant has maintained an exemplary track-record of project execution excellence, customer care, and world class operation & workforce management.

K. Chandrasekhar, ED & CEO, MPL along with his team at MPL comprising of Rakesh J Singh, Sriballav Singh, and Boban Chacko, received the award from Mr R Mukundan, Co-Chairman, CII Institute of Quality.

MPL is in a continuous process of conducting various training programmers on a regular basis to ensure that the employees are thoroughly trained and well equipped with latest technological and operating mechanism on the its stipulated parameters. fii-news.com