CESC arm is highest bidder for Chandigarh discom
Private power distribution utility CESC’s wholly-owned arm Eminent Electricity Distribution has emerged as the highest bidder for acquiring 100% stake in discom for the Union Territory (UT) of Chandigarh. Though the company did not disclose the financial details, sources said that Eminent quoted Rs 871 crore, outbidding the Rs 606-crore offer of Torrent Power, Rs 563 crore by NTPC, Rs 551 by ReNew Power, Rs 471 crore by Adani Group, Rs 426 crore by Tata Power and Rs 201 crore quoted by Sterlite Power.
“The above acquisition for distribution licence is subject to further formalities as prescribed under the tender documents including receipt of letter of intent,” CESC’s stock exchange filing added. CESC supplies electricity in its distribution circle spanning across 567 sq kms in Kolkata, and also runs licensed power distribution business in Noida. The RP-Sanjiv Goenka Group company has distribution franchisees in Kota, Bharatpur, Bikaner and Malegaon as well.
