New Delhi: Tata Power on Thursday said it has acquired 100 percent 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 100 percent 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 cost of acquisition was Rs 18.64 crore, it stated.

The company is an SPV formed on November 30, 2023, specifically to establish transmission system for Eastern Region Expansion Scheme-XXXIV (Paradeep Transmission) 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.