"Tata Power announced that it has signed a Memorandum of Understanding with Siberian Coal Energy Company (SUEK) to identify and evaluate opportunities in energy sector in Russia," the private company said in a statement.
Private power utility Tata Power on Monday announced signing an initial agreement with Russia's largest coal producer Siberian Coal Energy Company for tapping opportunities in the energy sector.
"Tata Power announced that it has signed a Memorandum of Understanding with Siberian Coal Energy Company (SUEK) to identify and evaluate opportunities in energy sector in Russia," the private company said in a statement.
As part of the agreement, both Tata Power and SUEK will cooperate on identifying and targeting opportunities in the energy sector in Russia and other geographies of common interest in order to develop mutually beneficial transactions, the statement said.
"It gives us immense pride to announce our association with SUEK, company known to be a reliable and world class player in the mining business, and Tata Power looks forward to working with them on identifying opportunities across the energy chain," a Tata Power spokesperson said.
Tata Power generates about 8,621 MW of power of which 7,407 MW is from thermal power generation. According to information on SUEK website, the company delivers coal to more than 30 countries all over the world.
Shares of Tata Power were trading at Rs 87.60, up 1.92 percent on the BSE.
Tata Power stock price
On February 23, 2015, Tata Power Company closed at Rs 85.05, down Rs 0.9, or 1.05 percent. The 52-week high of the share was Rs 115.25 and the 52-week low was Rs 74.45.
The company's trailing 12-month (TTM) EPS was at Rs 3.26 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 26.09. The latest book value of the company is Rs 52.69 per share. At current value, the price-to-book value of the company is 1.61.
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