Tata Power Company’s subsidiary - NELCO and Af-Taab Investment Company (Af-Taab), a wholly owned subsidiary of the company, along with other shareholders of Nelito, have entered into an agreement for sale of shares of Nelito to DTS Corporation, Japan. Both NELCO and Af-Taab together hold 49.89 % in Nelito Systems (Nelito).
NELCO will sell 9.95% stake in Nelito for Rs 3.79 crore, while Af-Taab will sell 12.30% stake in Nelito for Rs 4.69 crore. Post sale, NELCO will hold 12.30% stake in Nelito, while Af-Taab will hold 15.34% stake in Nelito.
Tata Power is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.