Tata Power’s arm completes sale transaction of ships for $212.76 million
7th Jul 2020

Singapore-based Trust Energy Resources (TERPL), a wholly owned subsidiary of Tata Power, has completed sale of its three ships viz. MV Trust Agility, MV Trust Integrity and MV Trust Amity to Oldendorff Carriers GmbH & Co. KG, Germany for a consideration of $212.76 million.

TERPL will now cater to the shipping requirements of the Company's imported coal-based CGPL plant at Mundra under an asset light model which will help unlock significant value and returns for the Company's shareholders. The sale proceeds will be used towards reducing the debt as well as to fund future growth plans.

Tata Power is India’s largest integrated power company.