Tata Power shares jump 7 per cent as it completes acquisition in TPCODL

PTI Updated - June 02, 2020 at 03:08 PM.

Power lines run through a transformer at a Tata Power Delhi Distribution Ltd. facility in Delhi, India, on Friday, Jan. 18, 2019. Tata Power Co. is seeking to set up electric vehicle chargers in the Indian capital, said Tata Power Delhi Distribution Ltd. Chief Executive Officer Sanjay Kumar Banga, as one of the most polluted cities on earth plans an ambitious push toward cleaner vehicles. Photographer: Ruhani Kaur/Bloomberg

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.

Published on June 2, 2020 09:33