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Tata Steel to acquire 26% stake in TP Vardhaman Surya Back
(19 Oct 2023)
Tata Steel has today, i.e., 19 October 2023 agreed to execute a Share Purchase & Shareholders' Agreement with Tata Power Renewable Energy and its wholly owned subsidiary, TP Vardhaman Surya to acquire 13,000 equity shares of face value Rs 10 each, at par, of TP Vardhaman Surya , i.e., 26% equity shareholding, for an aggregate consideration of approximately Rs 1,30,000.

The acquisition is in line with Tata Group's goal of net zero by 2045, the objective of the acquisition is to source renewable power and reduce its carbon footprint by replacing partially coal based thermal power consumption and fulfilling additional power requirement for expansion.