Team News Riveting
Raipur, June 8
The Competition Commission of India (CCI) approves acquisition of 51 per cent of the equity share capital in each of the three Electricity Supply Companies of Odisha by Tata Power Company Limited (“TPCL”).
The CCI gave the nod for acquiring major stake in Western Electricity Supply Company of Odisha (“WESCO Utility”), Southern Electricity Supply Company of Odisha Limited (“SOUTHCO Utility”) and Central Electricity Supply Company of Odisha Limited (“CESCO Utility”) today under Section 31(1) of the Competition Act, 2002.
Proposed combinations relate to acquisition of 51 per cent of equity share capital in each utility by the TPCL from Grid Corporation of Odisha Limited (“GRIDCO”) pursuant to separate competitive bidding processes initiated by the Odisha Electricity Regulatory Commission (“OERC”) under Section 20 of the Electricity Act, 2003.
TPCL 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.
WESCO Utility, is engaged in the business of distribution and retail supply of power in five western districts of Odisha namely, (i) Rourkela; (ii) Burla (Sambalpur); (iii) Bhawanipatna (Kalahandi); (iv) Bolangir; and (v) Bargarh.
SOUTHCO Utility is engaged in the business of distribution and retail supply of power in six southern districts of Odisha namely, (i) City (certain areas in Ganjam District); (ii) Berhampur; (iii) Aska; (iv) Bhanjanagar; (v) Jeypore; and (vi) Rayagada.
CESCO Utility is engaged in the business of distribution and retail supply of power in four central districts of Odisha namely, of i) Bhubaneshwar (Bhubaneshwar 1 and Bhubaneshwar 2), ii) Cuttack, iii) Paradeep and iv) Dhenkanal.
