India Tata Power to acquire BP's 51% in solar module JV
Dec 27, 2011 - Indian utility Tata Power Co Ltd (BOM:500400) said Tuesday it had agreed to acquire the 51% stake held by British energy group BP Plc (LON:BP) in their solar module joint venture Tata BP Solar.
The deal is pending the green light by the Competition Commission of India along with other approvals. Financial details were not provided.
Tata BP Solar was established in 1989 as a joint venture between BP's BP Alternative Energy Holdings and Tata International Ltd. The entity is engaged in the production of photovoltaic cells and modules. Its production capacity stands at 125 MW, Tata said.
Last week, BP unveiled that it had decided to leave the solar power sector as its solar business could not reach sufficient margins due to the challenging environment during the past year.