Tata Power Company Limited has finalized the acquisition of ERES-XXXIX Power Transmission Limited, a special purpose vehicle (SPV), for ₹18.56 crore in cash. The transaction, announced on November 15, 2024, marks the acquisition of 100% equity in the SPV.
ERES-XXXIX was incorporated on March 27, 2024, to develop a power transmission project on a Build-Own-Operate-Transfer (BOOT) basis in Odisha. The project involves establishing approximately 190 kilometers of a 765 KV double-circuit transmission line from Angul to Gopalpur, a 765/400 KV GIS substation at Gopalpur, and additional related infrastructure. The scheduled commercial operation date for the project is set for December 31, 2027.
The acquisition received the necessary approval from India’s Ministry of Power, completing the process on November 14, 2024. Tata Power’s move aligns with its strategy to enhance its presence in the power transmission sector.