Tata Power to buy BP stake in India solar venture
12/28/2011 12:00:00 AM
Tata Power on Tuesday said it signed an agreement to buy partner BP Alternative Energy Holdings' 51% stake in their solar energy venture in India.
BP Alternative Energy is a unit of BP, which last week said it would draw the curtains on its solar business after 40 years.
Upon closing of the deal, Tata Power will take complete control of Tata BP Solar India Ltd., its joint venture with BP Alternative Energy.
The company didn't give any financial terms.
Under the agreement, Tata BP Solar will have access to certain technologies of BP until 2013, Tata Power said in a regulatory filing.
The deal will require approvals from India's central bank as well as the country's competition regulator, it added.
Dow Jones Newswires
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