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The Competition Commission of India (CCI) has approved acquisition of 51 per cent equity share of North Eastern Electricity Supply Company of Odisha (NESCO Utility) by Tata Power Company Limited (TPCL) from Grid Corporation of Odisha Limited (GRIDCO).
The proposed combination relates to the acquisition of 51 per cent of equity share capital of NESCO Utility by the TPCL from GRIDCO pursuant to the competitive bidding process initiated by the Odisha Electricity Regulatory Commission (OERC) under Section 20 of the Electricity Act, 2003, an official release said.
TPCL, incorporated on September 18, 1919, is a public listed company and is primarily engaged in the business of power generation, transmission and distribution. It is a part of the Tata group.
NESCO Utility, incorporated on November 19, 1997, is engaged in the business of distribution and retail supply of power in five districts of Odisha namely Balasore, Bhadrak,Jajpur, Keonjhar and Baripada.
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