Tata BP Solar becomes wholly-owned subsidiary of Tata Power

Tata Power said Tata BP Solar India has become its wholly-owned subsidiary following the acquisition of 51 percent stake held by the joint venture partner.

The leading power utility has completed the purchase of 51 percent stake in the joint venture Tata BP Solar India Ltd, that was held by BP Alternative Energy Holdings Ltd. Following the move, Tata BP Solar India has now become a wholly-owned subsidiary of the company, Tata Power said in a regulatory filing.

[caption id=“attachment_361424” align=“alignleft” width=“380” caption=“Shares of the company were up 3.49 percent to Rs 102.40 on BSE. Reuters”] [/caption]

In December last year, Tata Power had announced that it has entered into a share purchase agreement with BP

Alternative Energy Holdings to buy the 51 percent equity and preference shares in the joint venture.

Shares of the company were up 3.49 percent to Rs 102.40 on BSE.

PTI