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Tata Power to buy 26 pct in Bhutan power project
MUMBAI |
MUMBAI (Reuters) - Tata Power Co Ltd said on Monday it has agreed to take a 26 percent stake in the 114 megawatt Dagachhu hydroelectric power project being developed by the Bhutan government.
The project will be executed through a special purpose vehicle, Dagachhu Hydro Power Corp Ltd, the company said in a statement to the stock exchange.
Tata Power Trading Co Ltd will purchase the power generated from the project for 25 years and the power will be delivered at India-Bhutan border, it added.
The power is expected to be evacuated through the Tata Transmission Link into India's eastern region grid, the company said.
Shares in Tata Power closed up 2.8 percent at 1,043.65 rupees in a firm Mumbai market.
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