Tata Power, India's largest integrated power company today announced that it has signed a Memorandum of Understanding (MoU) with Siberian Coal Energy Company (SUEK) to develop opportunities in the energy sector.

As part of the agreement, both Tata Power and SUEK will cooperate on identifying and targeting opportunities in the energy sector in Russia and other geographies of common interest in order to develop mutually beneficial transactions.

Tata Power, stated that ''It gives us immense pride to announce our association with Siberian Coal Energy Company. SUEK is known to be reliable and world class player in the mining business and Tata Power looks forward to working with them on identifying opportunities across the energy chain. The signing of this MOU is a major milestone for Tata Power and we endeavour to be a significant player in the international energy market.''

Shares of the company gained Rs 1.6, or 1.86%, to trade at Rs 87.55. The total volume of shares traded was 301,882 at the BSE (1.17 p.m., Monday).