By Kari Williamson
Tata Power and BP have agreed that Tata BP Solar will continue to access certain parts of BP's technology until 2013. Tata Power and BP have agreed for a transition period for product and non-product related rebranding and certification.
Anil Sardana at Tata Power, says “We are happy to acquire higher equity in Tata BP Solar. We believe that the favourable 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. We would also like to reiterate that Tata BP Solar is not impacted by the decision of BP to gradually exit its solar business and that it is Business As Usual for them.”
The transaction awaits approval from the Reserve Bank of India. The transaction will also entail a change in control in Tata BP Solar, which means approval is also needed from the Competition Commission of India (CCI).