Competition Commission of India on 12th March said it has cleared Tata Power NSE 0.63 per cent's proposed acquisition of 51 per cent share in North Eastern Electricity Supply Company of Odisha Ltd.
The proposed transaction relates to purchase of 51%in NESCO NSE -0.05 per cent 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 per cent of equity share capital of North Eastern Electricity Supply Company of Odisha Limited by The Tata Power Company Limited," Competition Commission of India said in a tweet.
Tata Power is primarily engrossed in the business of power generation, transmission and distribution.
NESCO is into distribution and retail supply of power and energy in various districts of Odisha.