Tata Power will sell its 30 per cent stake in Indonesia-based coal arm PT Arutmin and related infrastructure companies for a lower consideration of $400.92 million after entering into revised pacts with buyers.
The company’s 100 per cent subsidiaries -- Bhira Investments ltd and Bhivpuri Investments ltd (selling companies) -- had signed an agreement in January 2014 to sell 30 per cent stake in PT Arutmin and associated trading and infrastructure companies for an aggregate consideration of $510 million.
“The sale consideration for PT Arutmin is now revised to $246.64 mn (million) from the earlier value of $390 mn, pursuant to closing adjustments relating to certain prior period liabilities, which includes settlement of past claims with mining contractor, pursuant to a court order (about $80 million as company’s share) and other statutory liabilities (about $50 million),” Tata Power said in a BSE filing.