Tata Power, which had closed yesterday at Rs.81.85, within a few minutes of opening today went on to hit a new high at Rs.84.60. Its 10% UC for the day stands at Rs.90.
The market is thrilled with the news that it has completed acquisition of 51% equity stake each in TP Southern Odisha Distribution Limited (TPSODL) and TP Western Odisha Distribution Limited (TPWODL). This was for a consideration of Rs.127.50 crore and Rs.255 crore, respectively.
GRIDCO will hold balance 49% equity stake each on TPSODL and TPWODL.
TPSODL was incorporated on 25th December 2020 as a wholly owned subsidiary of GRIDCO to carry out the business of SOUTHCO Utility.
TPSODL holds the license to carry out the function of distribution and retail supply of electricity covering the distribution circles of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada in the state of Odisha for a period of 25 years effective 1st January 2021.
With this, Tata Power expands its consumer base to 9.5 million from the present base of 5.2 million across Mumbai, New Delhi, Central part of Odisha and Ajmer.
This news apart, the company also received a Letter of Award from Kerala State Electricity Board Limited (KSEBL) on January 6, 2021 to develop a 110 MW solar project.