Tata Power picks up 26% stake in BSSR

Tata Power on Thursday announced that it has acquired 26 per cent stake in PT Baramulti Suksessarana Tbk (BSSR), Indonesia through its wholly-owned subsidiary Khopoli Investments.

It may be noted that PT Antang Gunung Meratus (AGM), which is a 100 per cent subsidiary of BSSR, has listed its shares at the Indonesian Stock Exchange.

So, AGM, with which Tata Power had earlier inked a long-term coal supply pact, and BSSR together own about 1 billion tonnes of coal resources in South and East Kalimantan in Indonesia.

Dwelling on the development, Tata Power’s managing director Anil Sardana said: “This acquisition would aim to support our power generation projects in select geographies to be developed over the next few years.”

Tata Power’s existing Indonesia presence includes 30 per cent equity stake in PT Kaltim Prima Coal (KPC) and PT Arutmin Indonesia (AI).

As part of the purchase, the company has signed an offtake pact which entitles it to purchase about 10 million tonnes of coal per annum.  Additionally, a consortium comprising of Tata Power, Origin Energy and PT Supraco is developing a geothermal project in Indonesia with a generation capacity of about 240 MW.

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