Tata Power acquisition of TP Southern Odisha Distribution and TP Western Odisha Distribution completed
Tata Power has today acquired 51% equity stake each in TP Southern Odisha Distribution Limited (TPSODL) and TP Western Odisha Distribution Limited (TPWODL) for a consideration of Rs 127.5 cr and Rs 255 cr. Tata Power holds 51% of equity with management control and GRIDCO Limited (GRIDCO) will hold a balance 49% equity stake each on TPSODL and TPWODL.
TPSODL was incorporated on 25th Dec 2020 as a wholly owned subsidiary of GRIDCO to carry out the business of SOUTHCO Utility: Reuters