Tata Power Acquires Paradeep Transmission for INR 18.64 Crore
Tata Power has acquired a 100 percent equity stake in Paradeep Transmission Ltd., a special purpose vehicle established to manage a critical 765 KV transmission project in Odisha under the Eastern Region Expansion Scheme-XXXIV.
November 07, 2024. By Mrinmoy Dey
Paradeep Transmission Ltd. was set up as a special purpose vehicle to build-own-operate-transfer basis, to provide transmission service with a turnover of INR 256.183 crore.
“It was formed on November 30, 2023, specifically to establish the transmission system for Eastern Region Expansion Scheme-XXXIV 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,” mentioned Tata Power in a regulatory filing.
Approval has been received from the Ministry of Power for the share transfer and acquisition process completed on November 6, 2024.
It further added that the acquisition involves the purchase of equity against cash consideration and a one-time settlement of outstanding debt. The cost of acquisition amounts to INR 18.64 crore.
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