MUMBAI (TIP): Tata Power, the power generator led by Cyrus Mistry, is buying a 540-megawatt (MW) thermal power plant in Maharashtra to ramp up capacity, highlighting how a lot of India’s recent merger and acquisition (M&A) deals are being driven by the power sector. Tata Power’s move comes close on the heels of JSW’s purchase of a 1,391-MW unit (from Jaypee), Adani’s acquisition of 1,200-MW and 600-MW plants (from Lanco and Avantha respectively) and GDF Suez’s deal for a 1,000-MW facility (from a Hyderabad-based infra company). Tata Power, part of the Tata business conglomerate, is acquiring the thermal-based power project from the promoters of IRB Infrastructure, which will increase its total capacity to 8,885 MW. It is learned that the Tata company has inked the deal for about $500 million (Rs 3,000 crore). However, it didn’t disclose the value of the proposed transaction.

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