Bhubaneswar, June 2 (Local Wire): One of the leading power utilities of the country Tata Power has now announced completing acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) at Rs 178.5 crore.
TPCODL is known for carrying out the business of Central Electricity Supply Utility of Odisha (CESU).
A statement from Tata Power said, “Tata Power today has acquired 51 per cent equity in TPCODL at a consideration of Rs 178.5 crore,”
As per the modalities finalised, while Tata Power will keep the 51 per cent stake, rest 49 per cent lies with GRIDCO.
The national player has also received the letter of Intent from the Odisha Electricity Regulatory Commission (OERC) to go ahead for the same.
The acquisition by Tata Power will give them the chance to take over the power supply of five cities of Odisha-Bhubaneswar, Puri, Cuttack, Paradip and Dhenkanal.
The employees of CESU will however be retained as per the agreement among the stakeholders.