Tata Power has today acquired 51% equity stake each in TP Southern Odisha Distribution (TPSODL) and TP Western Odisha Distribution (TPWODL) for a consideration of Rs 127.50 crore and Rs 255 crore, respectively. GRIDCO (GRIDCO) will hold balance 49% equity stake each on TPSODL and TPWODL.
TPSODL was incorporated on 25 December 2020 as a wholly owned subsidiary of GRIDCO to carry out the business of SOUTHCO Utility.
The Hon'ble Odisha Electricity Regulatory Commission (OERC), vide its Vesting Order dated 28 December 2020, has vested the license to TPSODL to carry out the function of distribution and retail supply of electricity covering the distribution circles of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada in the state of Odisha for a period of 25 years effective 1 January 2021.
TPWODL was incorporated on 30 December 2020 as a wholly owned subsidiary of GRIDCO to carry out the business of WESCO Utility. OERC, vide its Vesting Order dated 28th December 2020, has vested the license to TPWODL to carry out the function of distribution and retail supply of electricity covering the distribution circles of Rourkela, Burla, Bhawanipatna, Bolangir and Bargargh in the state of Odisha for a period of 25 years effective 1 January 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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