CESC secures LoI for Rs 871 cr deal to acquire Chandigarh power firm

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CESC secures LoI for Rs 871 cr deal to acquire Chandigarh power firm - Business Standard

Quick Summary:

After a nearly three-year wait because of legal wrangles, Eminent Electricity Distribution Ltd, a subsidiary of CESC Ltd, has received the Letter of Intent (LOI) for acquiring 100 per cent equity in a company responsible for electricity distribution and retail supply in Chandigarh.

CESC, part of the RP-Sanjiv Goenka Group, had emerged as the highest bidder for the Rs 871-crore deal, securing the tender for the Chandigarh distribution business in 2021.

The Punjab and Haryana High Court recently dismissed the petition filed by employees of the Chandigarh Power Department, clearing the way for privatising power distribution services in the union territory.