Photo: Priyanka Parashar/MintMumbai: Power producer Tata Power Co. Ltd late on Sunday night said it has agreed to acquire renewable energy company Welspun Renewables Energy Pvt. Tata Power’s renewable energy unit Tata Power Renewable Energy Ltd (TPREL) has signed an agreement to acquire Welspun Renewables Energy in “the largest transaction in renewables space in India”, the company said in a statement on Sunday night. Tata Power Renewable Energy has signed an agreement to acquire Welspun Renewables Energy in a bid to grow its clean energy portfolio to 2.3 gigawattsTata Power and Welspun Renewables officials were not immediately available to comment on the deal value outside working hours and the companies did not respond to an email request for comment. Mint had in February reported that Welspun Renewables has put on block its assets to free up capital. Tata Power and Welspun Renewables officials were not immediately available to comment on the deal value outside working hours and the companies did not respond to an email request for comment.

Source: Mint June 13, 2016 02:48 UTC