Tata Power NSE 1.41 % on Wednesday said that it has taken over the management and operations of Odisha’s Western Odisha Distribution (WESCO) and Southern Odisha Distribution Ltd (SOUTHCO) upon completion of the sale process.
The two utilities will operate under the company name as TP Western Odisha Distribution Ltd and TP Southern Odisha Distribution Ltd. As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power will hold 51% of equity with management control and the state-owned GRIDCO will have the remaining 49% equity stake in the companies, an official statement said.
