NEW DELHI: Tata Steel on Thursday said it will acquire a 26 per cent stake in TP Vardhaman Surya Ltd (TPVSL), an arm of Tata Power Renewable Energy Ltd.
The company did not disclose the transaction value. It will also source 379 megawatt (MW) of clean energy from Tata Power Renewable Energy Ltd (TPREL), Tata Steel Ltd (TSL) said in a statement.
TSL has concluded the negotiations to enter into definitive agreements with TPREL to acquire 26 per cent in TPVSL, currently a wholly-owned subsidiary of TPREL.
TSL will also enter into an agreement with TPREL to source 379 MW of renewable power, the statement said.
Tata Steel CEO and managing director T V Narendran, said: “Our partnership with Tata Power Renewable Energy marks a pivotal step in Tata Steel’s sustainability journey towards achieving net zero carbon emissions by 2045. We stay committed to reducing our environment footprint and transitioning towards clean, green energy solutions.”