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Tata Power board to meet on Petrodyne buy

Our Bureau

MUMBAI, Dec. 14

THE board of Tata Power Company Ltd will meet on December 20, to consider a proposal from Tata Industries Ltd to fully acquire Tata Petrodyne Ltd.

Tata Petrodyne, wholly owned by Tata Industries, operates in the field of oil and natural gas with prospecting blocks to its credit.

When contacted, Mr Adi Engineer, Managing Director, Tata Power, said the proposed acquisition was in line with strategies announced by the company earlier in July, of wanting to be present in sectors spanning energy to convergence.

Tata Power is already a joint venture partner at Indigas, co-promoted with Totalfina of France.

He declined to comment on the estimated cost of acquisition, citing next week's board meeting and the consequent chance of details being firmed up only by then.

However, when asked if the acquisition would entail any borrowing by Tata Power, he said, ``I think we will do it by ourselves, though this too will be clear by Wednesday.''

Mr Engineer said that at this stage, Tata Power was not contemplating any similar takeover of Hitech Drilling, the other Tata Group company (besides Tata Petrodyne) with presence in the oil and natural gas sector.