Tata Power, India’s largest integrated power company, has terminated a share purchase agreement with Ideal Energy Projects Ltd (IEPL) to acquire 100 per cent stake in the 270-MW coal-based thermal power project in Maharashtra that was extendable to 540 MW.
The agreement between the two for the sale of 100 per cent stake in IEPL was inked in December 2014. The acquisition was subject to fulfilment of certain conditions.
The company made all efforts to arrive at a workable solution to salvage a stressed asset along with key stakeholders. However, the stakeholders could not conclude, leading to non-fulfilment of the aforesaid conditions precedent, Tata Power said in a statement.
Hence, the company has decided not to pursue this opportunity any further and confirmed the termination of the agreement.