India’s Tata Power contemplating $473m IPO for renewable energy business

It initially planned to seek a partner to invest in its green assets.

Tata Power, the energy business of India’s largest conglomerate Tata Group, is reportedly contemplating an initial public offering (IPO) of $473m for its renewable energy business.

According to a Blomberg report, the power company had abandoned its initial plans to seek a partner for their renewable energy venture and is set to seek approval for the IPO from its board.

Recently, Tata Power’s subsidiary TP Saurya, won the Maharashtra State Power Generation Company’s power auction for setting up a 250 MW of grid-connected solar photovoltaic projects at Dondaicha Solar Park in Dhule, Maharashtra.