‘No agreement has been signed’: Tata group reacts to report on BlackRock investment in power biz

Automobile to consultancy conglomerate Tata Group has denied reports claiming that BlackRock chairman and CEO Larry Fink is closing in on an investment of $500-750 million in its renewable energy arm --Tata Power Renewable Energy Limited (TPREL).

One of India’s most trusted conglomerates stated in an official communiqué that the company does meet relevant corporate houses to explore business and strategic opportunities from time to time. “We would like to clarify that, as previously announced as a part of our media, investor and analyst interactions, the Company, as a part of its ordinary course of business, does meet relevant corporate to explore various business and strategic opportunities from time to time,” the communiqué read.

“As of now, no agreement has been signed with any prospective investors nor any board approval has been sought as of date, requiring the Company to make any notification to the stock exchanges in this regard,” the conglomerate noted in an official press release. It added that the company will comply with the regulations put in place by the Securities and Exchange Board of India (SEBI) at all times.

The report further claimed that this investment will value TPREL at around $5 billion and that Tata Power is restarting its capital-raising plans. It not only cited Fink as a potential investor but also CPPIB, a Canadian Pension Fund which was eyeing the opportunity. The report also mentioned that the company is likely to increase its capital-raising plans to $1 billion with smaller co-investors by factoring in investor appetite.

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