Tata Power JV to acquire two power plants for Rs 9.2 billion from Tata Steel

Industrial Energy Limited (IEL), a JV of Tata Power and Tata Steel, has signed asset purchase agreements with Tata Steel to acquire a 20 MW captive gas-based power plant and a 40 MW diesel generating station (DGS) at Kalinganagar, Odisha, from Tata Steel worth Rs 9.2 billion. While the 120 MW plant is under construction and will be operational by 2021-22, the 40 MW DGS is already operational. IEL has also signed tolling agreements with Tata Steel for the supply of power for a period of 30 years from the 120 MW plant and for 15 years from the 40 MW DGS.