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TAQA withdraws of acquisition plans in India and Iraq

: Saturday, August 16 - 2014 @ 00:15

TAQA has withdrawn of acquisition plans in India and Iraq to improve its cash flow and reduce debt leverage. The Peninsula reported. The announcement confirms a shift in strategy for the company, which has long been one of Abu Dhabi’s most aggressive foreign investors with assets around the world including North Sea oil production facilities and power plants in India, Ghana and Morocco. A consortium led by TAQA pulled out of plans to buy two power plants in the north Indian state of Himachal Pradesh from Jaiprakash Power Ventures for $1.6bn last month, citing a change in the company’s business strategy. The company said it had also ended negotiations to acquire a 50% interest in the 1,000 MW Sulaymaniyah power plant in the Kurdistan region of Iraq. “We have rebalanced our growth agenda and the acquisition no longer fits our strategy,” a TAQA spokesman said.

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Saturday, August 16- 2014 @ 0:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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