Tata Power sells stake in Indonesian firm for $500 million

MUMBAI Fri Jan 31, 2014 8:34pm IST

Tata Power sells stake in Indonesian firm for $500 million.

Credit: Reuters

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MUMBAI (Reuters) - Tata Power Co Ltd (TTPW.NS) said it had agreed to sell its 30 percent stake in coal mining firm PT Arutmin Indonesia to Indonesia's Bakrie Group for $500 million.

Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.

Tata Power signed the agreement through its wholly owned units, the company said in a statement, without specifying them.

The sale is subject to restructuring moves, which Tata Power plans to complete in the next three months, the statement added.

(Reporting by Nandita Bose; editing by Jane Baird)

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