PHOTO
High-tension power lines are pictured outside a Tata Power sub station in the suburbs of Mumbai, India, August 8, 2017. Image used for illustrative purpose.
BlackRock Real Assets-led consortium, including Abu Dhabi's Mubadala Investment Company, have entered into a binding agreement to invest $525 million in Tata Power’s renewable energy subsidiary, Tata Power Renewable Energy Limited.
Tata Power Renewables is one of the largest renewable energy companies in India.
“BlackRock Real Assets, together with Mubadala, shall invest Rs 4,000 crore ($525 million) by way of equity/compulsorily convertible instruments for a 10.53% stake in Tata Power Renewables, translating to a base equity valuation of Rs 34,000 crore," Tata Power Company said in a statement.
The first round of capital infusion is expected to be completed by June 2022, the statement said.
JP Morgan is the financial advisor to BlackRock Real Assets.
(Writing by Seban Scaria; editing by Daniel Luiz)