Corporate Grapevine     

Published: June 30, 2023
Updated: June 30, 2023

TPCL’s strategic sales to fund solar cell unit

The company is in talks to sell its stake in its joint venture — Baramulti Suksessarana coal mine in Indonesia — in the current year. In the last financial year, it had signed an agreement to sell its 30 per cent stake in PT Arutmin Indonesia and associated companies in coal trading and infrastructure for $ 401 million. Of this, the company received $ 369 million till March this year and the rest is expected in the ongoing financial year.

The proceeds of the sale will be used by the company to invest Rs 12,000 crore in its upcoming 4 GW manufacturing plant and transmission and distribution businesses in Odisha, Delhi and Mumbai in the ongoing financial year.The 4 GW solar cell and module manufacturing plant in Tamil Nadu is on track, and the module line will be ready by October this year and the cell line by year-end.