Daily Mail India
Daily Mail India

Tata Power completes 51% stake buy in Odisha’s TPCODL for Rs 179 crore

New Delhi: Tata Power on Monday mentioned it has accomplished the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore.

TPCODL carries out the enterprise of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the best way for taking up the facility provide enterprise of 5 cities in Odisha by Tata Power.

“Tata Power has today acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore,” a Tata Power assertion mentioned.

According to the assertion, GRIDCO will maintain the remaining 49 per cent stake in TPCODL.

TPCODL was included on April 6, 2020 as a wholly-owned subsidiary of GRIDCO to hold out the enterprise of CESU.

Tata Power mentioned it has taken over the administration of CESU, after receiving the Letter of Intent from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail provide of electrical energy in Odisha’s 5 circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal.

As per an order issued by OERC on May 28, 2020, Tata Power will maintain 51 per cent fairness with administration management and state-owned GRIDCO may have the remaining 49 per cent fairness stake in the corporate.

Tata Power has dedicated to bettering and modernising the distribution system in the 5 circles. The precedence of the corporate is to enhance reliability, cut back AT&C losses and supply wonderful customer support.

As per the settlement, the corporate will retain all the prevailing workers of CESU and can govern them by their present coverage construction.

Tata Power will present higher alternatives and services to the staff to replace their information and expertise together with an publicity to greatest practices and leading edge applied sciences as a part of the modified administration in CESU.

“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 mentioned.

Sanjay Banga, President – T &D, Tata Power mentioned the corporate endeavours to deliver a few constructive transformation in Odisha by deploying good grid applied sciences to produce dependable and high quality energy.

“Our customer-centric method goals to boost all features of buyer companies with easy and environment friendly energy distribution operations,” he added.

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