Tata Power To Take Over Of CESU On June 1

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Bhubaneswar: Tata Power Company Ltd is all set to take over CESU on June 1 after the Odisha Electrictiy Regulatory Commission gave permission to the deal.

The TPCL had quoted a purchase price of Rs. 350 crore in its financial bid in response to the request for proposal (RFP) for 100 per cent equity in the special purpose vehicle (SPV) formulated for the deal.

TPCL is required to pay 51 per cent of the purchase price. All stakeholders have agreed that TPCL and GRIDCO shall maintain 51 per cent and 49 per cent shareholding respectively.

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