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Tata Power amalgamates joint venture to invest in Russian energy assets

Tata Power amalgamates joint venture to invest in Russian energy assets

MUMBAI: Tata Power has annex with the Russian Direct Investment Fund (RDIF) to invest in energy assets in the world’s sixth largest economy, as it looks to rev up growth. This is perhaps the first time a Tata company has partnered with a fund to enter a new geography and explore investment opportunities.

Tata Power, among the last big Tata entities to expand outside India, has investments in Indonesia (coal mines), Australia (geothermal plant), Africa (wind energy) and Bhutan (hydro power).

In a statement, Tata Power and RDIF said that both the companies will co-operate on identifying and targeting investment opportunities in the energy sector across Russia. They, however, didn’t spell out the financial details of the joint venture. Set up in June 2011, the $10-billion RDIF makes equity co-investments primarily in Russia alongside international financial and strategic investors.