Tata Power acquires Paradeep Transmission for Rs 18.64 crore 
Corporate Watch

Tata Power acquires Paradeep Transmission for Rs 18.64 crore

Tata Power on Thursday said it has acquired 100 percent stake in Paradeep Transmission Ltd for Rs 18.64 crore

PTI

New Delhi: Tata Power on Thursday said it has acquired 100 percent stake in Paradeep Transmission Ltd, a special purpose vehicle (SPV), for Rs 18.64 crore.

The acquisition process was completed on November 6, 2024, the company said in a regulatory filing.

PSU Watch is now on Whatsapp Channels. Click here to join

According to the filing, Tata Power has signed the Share Purchase Agreement (SPA) and has acquired 100 percent equity stake in Paradeep Transmission Ltd.

Paradeep Transmission was set up as an SPV on a Build-Own-Operate-Transfer basis, to provide transmission service with turnover of Rs 256.183 crore.

The acquisition involves purchase of equity against cash consideration and one-time settlement of outstanding debt.

The cost of acquisition was Rs 18.64 crore, it stated.

The company is an SPV formed on November 30, 2023, specifically to establish transmission system for Eastern Region Expansion Scheme-XXXIV (Paradeep Transmission) which comprises Angul to Paradeep 190 km of 765 KV D/C line, Paradeep 765/400 KV GIS substation, Bay Ext. at Angul (765 KV AIS) and at OPTCLParadeep (400 KV GIS).

There is also a 12-km of 400 KV D/C line from OPTCL (Paradeep) 400 KV GIS S/s to Paradeep 765 KV GIS S/s.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

SJVN asked to give final response on 3 projects by Jan 15, Sukhu discusses power issues with Khattar

SAIL reports 31% fall in net profit to Rs 897.15 crore in Q2

NHPC profit falls by 37% to Rs 1,069.28 crore in Q2

NHPC adopted principles of sustainable development: CMD at its 50th Raising Day

EdCIL pays dividend of Rs 31 crore to Govt for FY 2023-24