The Hindu Business Line : Tata Power plans to sell Tata Petrodyne

TATA Power Company (TPC) on Thursday said its board of directors will discuss selling its wholly-owned oil and gas exploration subsidiary Tata Petrodyne, at its board meeting on January 20.

As Tata Power has decided to focus coal-based power, it made sense to move out of oil and gas exploration, which was not a core business segment, said a senior company official.

Tata Power's board will discuss the Petrodyne sale and also the company's third quarter results next Thursday, the company told the Bombay Stock Exchange. TPC shares closed six per cent higher at Rs 358.30 on the BSE today.

TPC, which produces 2,300 MW of power, has been selling some of its holdings in telephone and Internet subsidiaries in a bid to focus on expanding its power generation business outside Mumbai.

Tata Power had bought Petrodyne in 2000 for Rs 145 crore. Petrodyne has made four oil and gas discoveries at its three blocks that it owns with Cairn Energy Plc and ONGC.

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