Tata Communications To Acquire 5.76% Stake Of Infra Wind Generation (09-Feb-2012)
Tata Communications likely to acquire 5.76% stake in Tamil Nadu-based Green Infra Wind Generation as part of its plans to use power from alternative energy sources. As per the plan it will buy 10 million units of power, which is about 30% of its annual power requirement in Tamil Nadu, from Green Infra.
For implementing the deal telecom company has sought Government's approval. The company already has an agreement with Green Infra to procure 13 million units. The additional procurement will take Tata Communication's to 23 million units.
The entity has already invested Rs 7.8 lakh in Green Infra Wind Farms for a 9.75% stake. The telecom company's board has approved buying up to 15% stake in Green Infra Wind Farms. Under that deal also Tata Communication had entered into a power purchase agreement with Green Infra for buying 20 million units at Rs 4.60 a unit.
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