Tata Power-CDPQ platform in talks to buy DB Power assets

An India-focused power platform set up by Tata Power, Caisse de dépôt et placement du Québec (CDPQ) and ICICI Venture, among others, is in talks to buy the assets of Diligent Power Ltd, the power arm of print media company DB Corp. Ltd, two people aware of the development said.

Diligent Power has two thermal power plants with a combined capacity of 2,520 megawatts (MW)—one 1,200MW plant in Chhattisgarh and another 1,320MW plant in Madhya Pradesh.

Although the $850 million platform was formed last year between Tata Power, ICICI Venture Funds, CDPQ Canada, Kuwait Investment Authority (KIA) and State General Reserve Fund (SGRF) of the Sultanate of Oman, no deal has been signed so far.

“Though no conclusion was arrived at on valuation, the assets can fetch a price of Rs.5-7.5 crore/MW,” one of the persons cited above said, on condition of anonymity.

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