New Delhi:
Competition Commission of India (CCI) on Friday said it has cleared Tata Power’s proposed acquisition of 51 per cent stake in North Eastern Electricity Supply Company of Odisha Ltd.
The proposed transaction relates to purchase of 51 per cent in NESCO from GRIDCO. This is pursuant to the competitive bidding process initiated by the Odisha Electricity Regulatory Commission, as per a combination notice filed with the regulator.
”Commission approves acquisition of 51% of equity share capital of North Eastern Electricity Supply Company of Odisha Limited by The Tata Power Company Limited,” CCI said in a tweet.
Tata Power is primarily engaged in the business of power generation, transmission and distribution.
NESCO is into distribution and retail supply of power in various districts of Odisha.
