Tata Power tumbles 6 per cent after company terminates $2 billion Petronas deal
Tata Power shares tumbled after the company terminated its near $2 billion investment deal with Malaysian state-owned oil and gas company Petroliam Nasional Bhd (Petronas). The stock was trading down 5.81 per cent at Rs 98.10 in morning deals.
The decision to pull out at this advanced stage was conveyed last week after both sides were in the final stages of negotiating a binding term sheet. The Indian conglomerate has gone back to the drawing board to explore an IPO for the business to capitalise on the frenzied interest of investors for green energy companies around the world, across public and private markets.
As part of the listing plans, Tata Power is likely to create an umbrella entity that will house its operational and pipeline IPP projects along with its microgrid, rooftop solar panels and EV charging stations operations.
