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Our Bureau

Hyderabad , Nov 16

TATA Power Company Ltd has announced that GVK Hydel, a GVK Group Company has entered into a Share Purchase Agreement with the company to buy its entire shareholding in Alaknanda Hydro Power Company Ltd (AHPC).

The company has received Rs 3.12 crore as consideration for the shares sold, the company has informed the BSE today.

Tata Power had acquired 100 per cent equity in AHPC from Synergies Hydro Asia (SHA), Mauritius in the financial year 2003-2004 for a 330 MW Run of the River Hydro project at Shrinagar in Uttaranchal.

With the company's current focus on several mega power projects, it was felt appropriate to divest this project, which was in very preliminary development stage.

The Hyderabad-based diversified GVK Group, has created a new restructured GVK Power and Infrastructure Ltd, a holding company of GVK Industries and Gauthami Power.

GVK Power had filed a draft prospectus for an IPO and is in a quite period. The IPO is likely to hit the market either late by the year-end or early next year. The GVK group expects to have a total power generation capacity of 900 MW by 2006.

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