Tata Power has issued a clarification regarding media reports about its Power Purchase Agreement (PPA) with the Gujarat Government for the Mundra Power Plant. The company provided an update addressing the current status of the additional agreement and regulatory processes.

Gujarat Cabinet Approval Secured

The Gujarat cabinet has officially approved the additional Supplementary Power Purchase Agreement for Tata Power's Mundra Power Plant. Following this approval, the state government has issued a formal government order, marking a significant milestone in the project's progression.

Regulatory Clearances Awaited

The company has indicated that the formal signing of the additional agreement with Gujarat Urja Vikas Nigam Limited (GUVNL) will proceed after obtaining the necessary regulatory clearances. This procedural step ensures compliance with all applicable regulations and statutory requirements before finalizing the contractual arrangements.

Compliance and Disclosure Commitments

Tata Power has reaffirmed its commitment to maintaining full compliance with regulatory obligations. The company specifically referenced its adherence to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring all required disclosures will be made as the agreement progresses through the remaining procedural steps.

The clarification was signed by Company Secretary Vispi S. Patel, emphasizing the company's commitment to transparent communication with stakeholders and regulatory bodies regarding this significant development in its power generation portfolio.

Tata Power shareholders have overwhelmingly approved six material related party transactions through a postal ballot process conducted via remote e-voting, with the voting concluding on March 18, 2026. The company announced that all ordinary resolutions received the requisite majority approval from members, demonstrating strong shareholder support for strategic business transactions.

Approved Resolutions and Voting Results

The postal ballot covered six ordinary resolutions, all achieving approval rates exceeding 99.97%. The resolutions addressed material related party transactions involving various Tata Group companies and subsidiaries:

Voting Process and Participation

The remote e-voting process commenced on February 17, 2026, at 09:00 a.m. (IST) and concluded on March 18, 2026, at 05:00 p.m. (IST). The voting was conducted through the National Securities Depository Limited (NSDL) e-voting platform, with shareholders holding shares as of the cut-off date of February 6, 2026, eligible to participate.

Shareholder Category Participation

The voting results revealed strong institutional support across all resolutions. Public institutions demonstrated unanimous support with 100.00% approval rates, while public non-institutional shareholders showed approval rates ranging from 93.70% to 93.78% across different resolutions. Notably, the promoter and promoter group did not participate in the voting process for any of the resolutions, as these transactions involved related parties where their participation would create conflicts of interest.

Regulatory Compliance and Documentation

The postal ballot process was conducted in compliance with Section 110 of the Companies Act, 2013, and Regulation 44 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. P.N. Parikh of Parikh & Associates served as the scrutinizer for the voting process, providing an independent verification of the results. The scrutinizer's report and detailed voting results have been made available on the company's website, NSDL's e-voting portal, and at the company's registered office.

Strategic Implications

The overwhelming approval of these material related party transactions reflects strong shareholder confidence in Tata Power's strategic direction and business relationships within the Tata Group ecosystem. These transactions involve key operational areas including renewable energy projects, distribution operations in Odisha, and collaborations with other Tata Group companies, positioning the company for continued growth in India's evolving energy sector.