The company will buy stakes in Western Electricity Supply Company of Odisha (WESCO), Southern Electricity Supply Company of Odisha Ltd (SOUTHCO), and Central Electricity Supply Company of Odisha Ltd (CESCO).
Tata Power rose 2.63% to Rs 84 after the company announced completion of acquisition of 51% equity shares of TP Southern Odisha Distribution and TP Western Odisha Distribution.Tata Power announced that it has taken over the management and operations of WESCO and SOUTHCO upon completion of sale process. Now, WESCO and SOUTHCO will operate under the company name as TP Western Odisha Distribution (TPWODL) and TP Southern Odisha Distribution (TPSODL) respectively. As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51% of equity with management control and the state-owned GRIDCO will have the remaining 49% equity stake in the company.