Tata Power's subsidiary completes sale of its 50% stake in OTP Geothermal

(August 16, 2016)--Tata Power International Pte. Limited (TPIPL), a wholly owned subsidiary of the Company in Singapore,had signed an agreement for sale of its 50% stake in OTP Geothermal Pte. Ltd.,Singapore (OTP) to KS Orka Renewables Pte. Ltd. (KS Orka) in April 2016. TPIPL has now completed the sale of its stake in OTP to KS Orka.

OTP, a 50:50 joint venture with Origin Energy Limited, holds a 95 per cent interest in Indonesia's PT Sorik Marapi Geothermal Power (SMGP. SMGP is currently pursuing development of 240 MW Sorik Marapi Geothermal Power Project in North Sumatra.

The Company has significant investments in Indonesia and remains committed to development of Indonesian power and energy sector. The Company's other investments in - Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk. The Company also continues to explore thermal and renewable power project opportunities within the Independent Power Producer (IPP) programs the Government of Indonesia. The divestment of the Company's interest in OTP is consistent with the Company's strategy to constantly review its businesses and restructure, as required, to deliver long term value to shareholders. (ends)