Tata Power gains 7% as it completes 51% stake buy in Odisha's TPCODL
Published On: Tuesday, June 2, 2020 | By: Team KnowMyStock
Shares of Tata Power gained 6.82 per cent to Rs 42.25 apiece on the BSE on Tuesday after the Company on Monday said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). TPCODL was incorporated on April 6, 2020, as a wholly-owned subsidiary of GRIDCO to carry out the business of CESU. Grid Corporation of Odisha (GRIDCO) will hold balance 49 per cent equity. The acquisition paves the way for taking over the power supply business of five cities in Odisha. Tata Power said it has taken over the management of CESU, after receiving the Letter of Intent from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal.
“Our tie-up with CESU is a huge development for Tata Power. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. The success of our Delhi, Mumbai and Ajmer distribution businesses are testament to this fact,” Tata Power CEO & MD Praveer Sinha said.
Source: Money Control, Business India, Economic Times
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