RDIF and Tata Power to increase energy investment between India and Russia
Press release, 11.12.2014
New Delhi, December 11, 2014 – The Russian Direct Investment Fund (RDIF) and Tata Power, part of the Tata Group and one of India's leading electricity generation companies, today signed a Memorandum of Understanding to develop investment opportunities in the energy sector. The agreement was signed during the state visit of Russian President Vladimir Putin to India.
RDIF and Tata Power will cooperate on identifying and targeting investment opportunities in the energy sector across Russia in order to develop mutually beneficial transactions.
Tata Power has large installed generation capacity and a presence in all the segments of the power sector including generation (thermal, hydro, solar and wind), transmission, distribution and trading.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“RDIF has identified the energy sector as one of its key priorities for increasing Russia’s economic efficiency and sustainability. Our collaboration with Tata Power will not only introduce a new, established player into the Russian market, but will provide opportunities to leverage Tata Power’s high-class expertise in renewable energy production and implementation of large-scale international projects.”
Anil Sardana, CEO & Managing Director of Tata Power, said:
“It gives us immense pride to announce our association with Russian Direct Investment Fund. RDIF is known to be reliable and world class financial and strategic investor and Tata Power looks forward to working with them on identifying opportunities across the energy chain, thereby strengthening India’s relations with Russia. The signing of this MOU is a significant milestone for Tata Power and we endeavour to be a significant player in the international energy market.”
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Russian Direct Investment Fund (RDIF) was established in June 2011 to make equity co-investments primarily in Russia alongside reputable international financial and strategic investors. Based in Moscow, RDIF’s management company is a 100% subsidiary of Vnesheconombank. Further information at www.rdif.ru
Tata Power is India’s largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of  MW in India and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely “Tata Power Delhi Distribution Limited" with Delhi Vidyut Board for distribution in North Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power has developed the country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India. Its international presence includes strategic investments in Indonesia through a 30% stake in the leading coal company PT Kaltim Prima Coal (KPC), 26% stake in mines at PT Baramulti Suksessarana Tbk ("BSSR") and a geothermal project; in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called ‘Cennergi’ to develop projects in South Africa, Botswana and Namibia; in Australia through investments in enhanced geothermal and clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. With its track record of technology leadership, project execution excellence, world class safety processes, customer care and driving green initiatives, Tata Power is poised for a multi-fold growth and committed to 'lighting up lives' for generations to come. Further information at: www.tatapower.com
Director, Media Relations Department
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2141
Mobile: +7 964 726 17 73
Andrew Hayes/ Elena Garside
Tel: +44 (0) 20 7796 4133
Head - Corporate Communications
The Tata Power Company Limited