CESC Limited’s wholly-owned subsidiary, Eminent Electricity Distribution Limited, has been granted a Letter of Intent (LoI) to acquire 100% equity shares in a power distribution company responsible for electricity supply and distribution in the Union Territory of Chandigarh.
As of 9:17 am the shares of CESC were trading 4.315 higher at ₹180.43 on NSE.
Key Details of the Acquisition:
- Entity Awarding the Contract: Executive Engineer, Electricity “OP” Division No. 2, BBMB Complex, Chandigarh.
- Nature of the Contract: Complete acquisition of the distribution company holding a distribution license for Chandigarh.
- Transaction Value: Rs 871 crore, as per terms outlined in the LoI.
- Execution Timeline: To be completed within 30 days of issuing the LoI.
- Awarding Entity: Domestic entity under the jurisdiction of Chandigarh administration.
This acquisition is a significant milestone for Eminent Electricity Distribution Limited, which continues to expand its footprint in the Indian power distribution sector. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
