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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

Bhubaneswar, Jun 23 () Adani Power Limited (APL) on Tuesday said it has signed a definitive agreement to acquire 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company. OPGC operates 1,740 MW thermal power plant at Banharpalli in Jharsuguda district of Odisha. This plant is the mainstay of the state for base load power supply and amongst the lowest cost power generated in the state, it said. The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint. The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off-taker GRIDCO and sources fuel from a nearby captive mine, a company statement said. The Government of Odisha holds the balance 51 per cent stake in OPGC. The acquisition also marks APLs foray into Odisha state, and it demonstrates the Adani Groups long-term commitment to develop and operate high quality infrastructure in the state. Adani Group is committed for successful and mutually beneficial long-term partnership with Government of Odisha and the people of this progressive state, it said. AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India, it said. The transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Government of Odisha and the receipt of regulatory approvals such as Competition Commission of India and Reserve Bank of India. APL, a part of the diversified Adani Group, is on course to achieve its growth potential with the help of a world-class team of experts in every field of power. The company is harnessing technology and innovation to transform India into a power-surplus nation and provide quality and affordable electricity for all, the company said. SKN RG RG

Adani Power signs definitive agreement to acquire 49 pc stake in OPGC

New Delhi, Jun 23 () Adani Power will acquire US-based The AES Corporation's 49 per cent equity stake in Odisha Power Generation Corporation for USD 135 million (around Rs 1,019 crore), the Adani group firm said on Tuesday. "Adani Power Ltd (APL) has signed a definitive agreement to acquire the 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company," a regulatory filing said. Adani Power will acquire a total of 89,30,237 equity shares held in OPGC representing 49 per cent of the total issued, paid-up and subscribed equity share capital of OPGC for USD 135 million. The OPGC operates 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, Odisha. This plant is the mainstay of the Odisha state for base load power supply and amongst the lowest-cost power generated in the state. The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint. The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine. The Government of Odisha holds the balance 51 per cent stake in OPGC.The acquisition also marks APL's foray into Odisha state, and it demonstrates the Adani Group''s long-term commitment to develop and operate high quality infrastructure in the state, it said. AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India, it added. The Transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Government of Odisha and the receipt of regulatory approvals such as Competition Commission of India and Reserve Bank of India, it added. The turnover of OPGC during 2018-19 was Rs 887.71 crore. KKS MR

Adani Power to acquire 49pc stake in Odisha Power for Rs 1,019cr

<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://www.flickr.com/photos/28481088@N00/5470163632/">tanakawho / Flickr</a></div></div>Copper prices have been tumbling on concerns about China's economic slowdown and an <a href="http://www.businessinsider.com/why-copper-prices-have-been-falling-2014-3">unwinding of copper-backed loans</a>. 
But Sijin Cheng at Barclays writes that grid spending could "help dispel" concerns about Chinese copper demand. 
China's grid companies invested 40 billion yuan (about $6.4 billion) in the first two months of the year, up 22% year-over-year. This comes "despite a high base; in January-February 2013, [when] investment rose 44% from a soft 2012."
While some cable providers reported "sharp slowdowns" in the Jan-Feb period, Cheng attributes this to "the temporary mismatch in investment and orders. ...As orders are executed, however, copper demand could begin to improve sequentially."
Cheng says "two major gridcos both expect to invest 13% more than last year. It's unclear if he's referring to China Southern Power Grid Company Limited and the State Grid Corporation of China. "Energy regulators have been urged to accelerate the approval of ultra-high voltage networks, which could boost investment."
"If gridcos meet these targets, we expect the growth from the power sector, which accounts for more than 40% of China's total copper consumption, to help offset headwinds from other sectors such as property," Cheng writes.

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

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

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Adani Power signs definitive agreement to acquire 49 pc stake in OPGC

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Adani Power to acquire 49pc stake in Odisha Power for Rs 1,019cr

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