Days after Ratan Tata death, Noel Tata makes big move as Tata group acquires 100% stake in this company for Rs..

The company informed in a regulatory filing that the entire acquisition process was completed on November 6. According to the filing, Tata Power has signed the Share Purchase Agreement (SPA) and acquired a 100% equity stake in Paradeep Transmission Ltd.

Days after taking over the reins of Tata Group, Noel Tata, the half-brother of late industrialist Ratan Tata and chairman of Tata Sons, made significant decisions. Under his supervision, Tata Power acquired a 100% stake in Paradeep Transmission Ltd, a special purpose vehicle, for Rs 18.64 crore.

The company informed in a regulatory filing that the entire acquisition process was completed on November 6. According to the filing, Tata Power has signed the Share Purchase Agreement (SPA) and acquired a 100% equity stake in Paradeep Transmission Ltd. Paradeep Transmission was established as a special purpose vehicle (SPV) on a Build-Own-Operate-Transfer basis, with the task of providing transmission services. The company’s turnover was Rs 256.183 crore.

The acquisition process involved the purchase of equity for cash consideration, along with a one-time settlement of the company’s outstanding dues. The company was acquired for Rs 18.64 crore.

Tata Power is an electric utility company based in Mumbai and is a part of the Tata Group. Its market capitalization is Rs 1.42 lakh crore. Tata Sons is the holding company of the Tata Group.