New Delhi : In the first investment decision since N Chandrasekaran named as the Tata Group chief, Tata Realty and Infrastructure Ltd is taking 10 per cent stake in a Rs 5,900-crore floating LNG import terminal being set up by Nikhil Merchant-led Swan Energy in Gujarat. This will be the first investment by Tata Group in gas business.
Tata Realty and Infrastructure (TRIL), which was set up in 2007 to pursue opportunities in the real estate and infrastructure sectors, is a wholly-owned subsidiary of Tata Sons, the holding company of the Tata Group. In a stock exchange filing, Swan Energy said it has “received an Expression of Interest (EOI) from Tata Realty and Infrastructure Ltd, showing its willingness to invest up to 10 per cent of the equity” Swan LNG Pvt Ltd — the company setting up the Floating and Regasification Unit (FSRU) near Jafrabad in Gujarat.
Ahead of the move, the authorised share capital of Swan LNG Pvt Ltd “has been increased from Rs 5 lakh to Rs 2,000 crore,” Swan Energy said in a separate filing. At par value, Tata investment will cost Rs 200 crore. Last week, Tata Consultancy Services Ltd (TCS) Chief Executive Officer Natarajan Chandrasekaran was named the next chairman of Tata Sons Ltd. He came in place of Cyrus Mistry was unceremoniously ousted in October last year.
On Swan’s LNG project, Gujarat government had picked 26 per cent equity the LNG project.
