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<ul><li><keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> completed the acquisition of 51% stake in TP Central <keyword id="6357961" type="LOCATION" weightage="20" keywordseo="odisha">Odisha</keyword> Distribution Ltd (TPCODL) for ₹178.5 crore.</li><li>The shares of the company climbed over 4% on June 2.</li><li>Tata Power has a market cap of nearly ₹10,697.38 crore. </li><li>The acquisition will see Tata Power taking over the power supply business of five cities in Odisha. </li></ul>The shares of Tata Power, a subsidiary of Tata Group, climbed over 4% within a few minutes of trading on June 2 after the company completed acquisition of 51% stake in TP Central Odisha Distribution Ltd (TPCODL) for ₹178.5 crore. Tata Power has a market cap of nearly ₹10,697.38 crore. At 12:10 am, the shares were trading 4.18% higher at ₹41.10 a piece on the BSE. <div type="image" title="Tata power share price" msid="76150589" hostid="261"></div> Meanwhile, the company is hoping to raise about ₹3,000 crore from divestment of non-core operations and restructuring the renewable energy business as it aims to cut the debt by around 40% in the current financial year. “Our attempt is to reduce the debt to the levels of ₹25,000 crore by the end of this fiscal year from ₹44,000 crore; it is an indicative target. We are looking at various means to do it. We have already started our divestment process,” <a href="https://economictimes.indiatimes.com/industry/energy/power/tata-power-eyes-3k-cr-divestment-revamp-of-green-assets-to-cut-debt/articleshow/76143531.cms">Managing Director Praveer Sinha told ET</a>. ‘<keyword id="250122" type="COMPANY" weightage="20" keywordseo="CESU">CESU</keyword> tie-up a huge development for Tata Power’ Tata Power said that the Grid Corporation of Odisha (<keyword id="297737" type="COMPANY" weightage="20" keywordseo="Gridco">GRIDCO</keyword>) would hold the remaining 49% stake in TPCODL, which operates Central Electricity Supply Utility of Odisha (CESU). However, now Tata Power has taken over the management of CESU, and will now be responsible for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal. In the fourth quarter ended March 31, Tata Power posted a two-fold jump in its consolidated net profit at ₹475 crore. As per the agreement, the company will retain all the existing employees of CESU and will govern them by their existing policy structure. "Our tie-up with CESU is a huge development for Tata Power. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. The success of our Delhi, Mumbai and Ajmer distribution businesses are testament to this fact," Tata Power CEO &amp; MD Praveer Sinha said in a statement. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/sebi-has-ordered-a-special-audit-of-the-six-debt-funds-shut-down-by-franklin-templeton-in-may/articleshow/76148899.cms" data-type="tilCustomLink">SEBI orders special audit of Franklin’s six debt funds – with ₹30,800 crore wealth locked in, wary investors demand reopening</a> <a href="https://www.businessinsider.in/india/news/pm-modi-speech-highlights-during-cii-anniversary/articleshow/76149631.cms" data-type="tilCustomLink">‘India will get its growth back’, says a confident PM Modi in an address to top industry leaders</a> <a href="https://www.businessinsider.in/india/news/india-coronavirus-news-and-updates-for-june-2-2020/articleshow/76149118.cms" data-type="tilCustomLink">India records more than 8,000 cases for the third straight day— over all tally inches closer to 2 lakh</a>

Tata Power shares jump 4% after company takes over Odisha’s power distribution and announces plans to reduce debt

New Delhi, Jun 1 () Tata Power on Monday said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd (TPCODL) for Rs 178.5 crore. TPCODL carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power. "Tata Power has today acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore," a Tata Power statement said. According to the statement, GRIDCO will hold the rest 49 per cent stake in TPCODL. TPCODL was incorporated on April 6, 2020 as a wholly-owned subsidiary of GRIDCO to carry out the business of CESU. Tata Power said it has taken over the management of CESU, after receiving the Letter of Intent from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha's five circles consisting of Bhubaneswar, Cuttack, Puri, Paradeep and Dhenkanal. As per an order issued by OERC on May 28, 2020, Tata Power will hold 51 per cent equity with management control and state-owned GRIDCO will have the remaining 49 per cent equity stake in the company. Tata Power has committed to improving and modernising the distribution system in the five circles. The priority of the company is to improve reliability, reduce AT&amp;C losses and offer excellent customer service. As per the agreement, the company will retain all the existing employees of CESU and will govern them by their existing policy structure. Tata Power will provide better opportunities and facilities to the employees to update their knowledge and skills along with an exposure to best practices and cutting edge technologies as part of the changed management in CESU. "Our tie-up with CESU is a huge development for Tata Power. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. The success of our Delhi, Mumbai and Ajmer distribution businesses are testament to this fact," Tata Power CEO &amp; MD Praveer Sinha said. Sanjay Banga, President - T &amp;D, Tata Power said the company endeavours to bring about a positive transformation in Odisha by deploying smart grid technologies to supply reliable and quality power. "Our customer-centric approach aims to enhance all aspects of customer services with smooth and efficient power distribution operations," he added. KKS KKS ANU ANU

Tata Power completes 51 pc stake buy in Odisha's TPCODL for Rs 179 cr

New Delhi, Dec 23 () Tata Power on Monday said it has emerged as the successful bidder to own the licence for distribution and retail supply of electricity in Odisha's five circles together constituting Central Electricity Supply Utility of Odisha (CESU).
 In a regulatory filing the company said the Odisha Electricity Regulatory Commission (OERC) has awarded the Letter of Intent (LOI) to Tata Power Company Ltd for the acquisition of CESU Power Distribution in Odisha.
 The five electrical cirlces constituting CESU are the areas of Bhubaneswar (Electrical Circle - I and II), Cuttack, Paradip and Dhenkanal.
 The license is being offered for 25 years initially.
 "The proposed sale of CESU to Tata Power will be through the formation of a special purpose vehicle entity. Tata Power has been informed that Government of Odisha will own 49 per cent equity stake in the proposed SPV and Tata Power will hold 51 per cent equity with their management," the filing added.
 Presently, Tata Power has total consumer base of 2.5 million across Mumbai, Delhi and Ajmer and with the acquisition of CESU, its consumer base would double and touch five million consumers.
 CESU is spread over 30,000 Sq km with population of over 1.4 crore and consumer base of 2.5 million. The average demand of CESU is around 1,300 MW with the annual input energy of 8,400 MUs (FY2018).
 "Recently, our focus has been on increasing the company's existing footprint in distribution of electricity through Public-Private-Partnerships (PPP) with discoms. This tie up with CESU is the latest such partnership in the distribution business," Tata Power CEO &amp; MD Praveer Sinha said.
 "We hope to transform Orissa distribution system with 24x7 reliable power and unmatched customer services with extensive social engagement using our existing experience in distribution of electricity in Delhi, Mumbai and Ajmer," Tata Power President-T&amp;D Sanjay Banga said.
 Tata Power is a leading integrated power company and, together with its subsidiaries and jointly controlled entities, has an installed capacity of 10,763 MW.
 The shares of Tata Power were trading at Rs 55.50, up 0.18 per cent on the BSE in morning trade. SID DRR

Tata Power to own licence for distribution, retail supply of electricity in five circles in Odisha

New Delhi, Jun 2 () Shares of Tata Power on Tuesday rose 7 per cent after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore. The stock advanced 6.82 per cent to Rs 42.25 on the BSE. On the NSE, it gained 6.97 per cent to Rs 42.20. TP Central Odisha Distribution Ltd (TPCODL) carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power. "Tata Power has acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore," a Tata Power statement said. SUM RUJ RUJ

Tata Power shares jump 7 pc as co completes 51 pc stake acquisition in TPCODL

New Delhi, Jun 2 () Shares of Tata Power on Tuesday settled nearly 8 per cent up after the company said it has completed the acquisition of 51 per cent stake in TP Central Odisha Distribution Ltd for Rs 178.5 crore. The stock advanced 7.46 per cent to close at Rs 42.50 on the BSE. During the day, it zoomed 8.34 per cent to Rs 42.85. On the NSE, it gained 7.98 per cent to settle at Rs 42.60. In traded volume terms, 37.30 lakh shares were traded on the BSE and 7.55 crore on the NSE. TP Central Odisha Distribution Ltd (TPCODL) carries out the business of Central Electricity Supply Utility of Odisha (CESU). The acquisition paves the way for taking over the power supply business of five cities in Odisha by Tata Power. "Tata Power has acquired 51 per cent equity stake in TPCODL at a consideration of Rs 178.5 crore," a Tata Power statement said. SUM RUJ RUJ

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Tata Power shares jump 4% after company takes over Odisha’s power distribution and announces plans to reduce debt

Navdeep Yadav

Tata Power completes 51 pc stake buy in Odisha's TPCODL for Rs 179 cr

PTI

Tata Power to own licence for distribution, retail supply of electricity in five circles in Odisha

PTI

Tata Power shares jump 7 pc as co completes 51 pc stake acquisition in TPCODL

PTI

Tata Power shares jump 8 pc as co completes 51 pc stake acquisition in TPCODL

PTI

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