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New Delhi : The Competition Commission of India (CCI) on March 18, 2021, approved acquisition of 51% of the equity share capital of North Eastern Electricity Supply Company of Odisha (“NESCO Utility”) by The Tata Power Company Limited  (“TPCL”) from Grid Corporation of Odisha Limited (“GRIDCO”) under Section 31(1) of the Competition Act, 2002.

The proposed combination relates to the acquisition of 51% of equity share capital of NESCO Utility by the TPCL from GRIDCO pursuant to the competitive bidding process 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, according to a PIB release.

NESCO Utility, incorporated on November 19, 1997, is engaged in the business of distribution and retail supply of power in five districts of Odisha namely, (i) Balasore; (ii) Bhadrak; (iii) Jajpur; (iv) Keonjhar; and (v) Baripada.