New Delhi: Tata Power Co. Ltd said on Wednesday it has named its chief human resources officer Chetan Tolia as the new chief executive officer and executive director of Welspun Renewables Energy Pvt. Ltd, which was acquired in a Rs.9,249 crore deal in June.
Tata Power said its unit Tata Power Renewable Energy Ltd. has completed the acquisition of Welspun Renewables and its arms in the largest deal involving renewable energy firms in the country.
Including the assets acquired from Welspun of 1.1 giga watts, Tata Power Renewable Energy now has 2.3 GW of renewable power capacity.
“This acquisition will enable the company to deliver significant value for all stakeholders as most of the assets are revenue generating and operating assets...The acquisition is also a significant step towards attaining the company’s objective of having non-fossil fuel based capacity up to 30-40% of its total generating capacity,” Tata Power said citing chief executive officer and managing director Anil Sardana.
Tata Power Company has 9.4 GW of power generation capacity from all sources at present, which it wants to double in six years. Welspun’s 1.1 GW of capacity includes 990 mega watt (MW) of solar power and about 150 MW of wind capacity.