Days after Noel Tata, half-brother of late industrialist Ratan Tata, joined the board of Tata Sons, a Tata Group company has acquired a 100 per cent stake in Paradeep Transmission Ltd, a special purpose vehicle (SPV), for Rs 18.64 crore.
The acquisition process was completed on November 6, 2024, the company said in a regulatory filing. According to the filing, Tata Power has signed the Share Purchase Agreement (SPA) and has acquired a 100 per cent equity stake in Paradeep Transmission Ltd. Paradeep Transmission was set up as an SPV on a Build-Own-Operate-Transfer basis, to provide transmission service with a turnover of Rs 256.183 crore.
The acquisition involves the purchase of equity against cash consideration and a one-time settlement of outstanding debt. The cost of acquisition was Rs 18.64 crore, it stated. The company is an SPV formed on November 30, 2023, specifically to establish a transmission system for Eastern Region Expansion Scheme-XXXIV (Paradeep Transmission).
READ | Meet India's most generous man, who donated nearly Rs 6 crore every day, not Mukesh Ambani, Adani, Tata
Tata Power is an Indian electric utility and electricity generation company based in Mumbai. It is a part of the Tata Group and has a market cap of Rs 1.42 lakh crore. Moreover. Tata Sons is the holding company for the Tata Group. It operates the USD 165 billion salt-to-software conglomerate.
(With inputs from PTI)
