Dec. 27 (Bloomberg) -- Tata Power Company Ltd., India’s largest non-state utility, will buy BP Plc’s stake in a joint solar venture after the London-based company said it was exiting the business.
Tata signed an agreement to buy 51 percent of the venture, taking full control of India’s third-largest cell and panel maker, according to a statement from the Mumbai-based company today. Terms of the purchase weren’t disclosed.
“The favorable policy environment in India has led to an increase in the size of the solar-module and solar-cell market in India and is a great opportunity for the company to grow and capture a healthy market share,” Anil Sardana of Tata Power said in the release.
Tata said it will enter an agreement with BP to ensure access to certain technology until 2013. BP Solar told its staff in an internal letter earlier this month that business will wind down over several months because it has become unprofitable.
--With assistance from Marc Roca in London. Editors: Tina Davis, John Buckley
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