Tata Power has today acquired 51% equity stake in TP Central Odisha Distribution (TPCODL) at a consideration of Rs 178.5 crore.
GRIDCO will hold balance 49% equity stake on TPCODL.
TP Central Odisha Distribution (TPCODL) was incorporated on 6th April 2020 as a wholly owned subsidiary of GRIDCO (GRIDCO) to carry out the business of Central Electricity Supply Utility of Odisha (CESU).
The Hon’ble Odisha Electricity Regulatory Commission (OERC), vide its Vesting Order dated 26 May 2020, has vested the license to TPCODL to carry out the function of distribution and retail supply of electricity covering the distribution circles of Bhubaneswar (Electrical Circle – I and II), Cuttack, Paradeep, and Dhenkanal in the state of Odisha for a period of 25 years effective 1 June 2020.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)