Bhubaneswar: The takeover of CESU by Tata Power Company Ltd (TPCL) was formalised on Thursday with Odisha Electrictiy Regulatory Commission giving its approval to the deal.
The TPCL had quoted a purchase price of Rs. 350 crore in its financial bid in response to the request for proposal (RFP) for 100 per cent equity in the special purpose vehicle (SPV) formulated for the deal.
As per the commission order, TPCL is required to pay 51 per cent of the purchase price. Though it was earlier decided that CESU shall transfer the utility to TPCODL on April 1, the Commission has decided that the new date of vesting of utility CESU to TPCODL on June 1.
All stakeholders have agreed that TPCL and GRIDCO shall maintain 51 per cent and 49 per cent shareholding respectively at all times and any future equity investment from
GRIDCO in TPCODL shall be either in form of cash, kind or any other consideration as decided by GRIDCO in accordance with the shareholders agreement.
New Delhi: Following Supreme Court’s order, the Election Commission of India (ECI) has been forced…
New Delhi: These are not good times for the once-mighty K Chandrashekar Rao, popularly known as…
Paradip: A minor boy went missing after he allegedly jumped into a at Paradip in…
New Delhi: At least 24 people lost their lives in a highway mishap in China…
Nuapada: A man was sentenced to rigorous imprisonment for life by a court for murdering…
New Delhi: In a significant order, Supreme Court has said that a Hindu marriage can’t…
Bhadrak: In a shocking incident, a man hacked his son to death and himself got…
New Delhi: The never-ending suspense over whether Rahul Gandhi will contest from Amethi or if…