Tata Power acquires 51% stake in Odisha’s TPCODL for $24mn
The Tata Group firm has taken over the management of Central Electricity Supply Utility of Odisha.
Tata Power acquired 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for $23.6 million. Tata Group firm has taken over the management of Central Electricity Supply Utility (CESU), after receiving the Letter of Intent from the Odisha Electricity Regulatory Commission for the distribution and retail supply of electricity in Odisha’s five circles consisting of Bhubaneshwar, Cuttack, Puri, Paradip and Dhenkanal.
As per order issued by the Odisha Electricity Regulatory Commission, the Mumbai based electric utility company will hold 51 per cent equity with management control and the State-owned Grid Corporation of Odisha will hold balance 49 per cent equity stake in TPCODL. The company will retain the existing employees of CESU and will govern them by their existing policy structure.
Praveer Sinha, Tata Power CEO and Managing Director, said: “We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology.”