Tata Power holds 51 percent equity along with 49 percent by Government of Odisha
Aims to create a successful PPP model in Power Distribution in Odisha
Jamshedpur: Tata Power, India’s largest integrated power utility, today, announced that it has received the Letter of Intent (LOI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha’s five circles of NESCO constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar.
As per conditions of Bid Documentation Tata Power will hold 51 percent equity with management control and the State-owned GRIDCO will have the remaining 49 percent equity stake in the company.
With the inclusion of additional distribution utility of Odhisa, Tata Power shall now have privilege to serve entire population of State of Odisha with nearly 9 million consumers shall now experience uniform processes and synergies in operations across the State. This expansion shall enhance Tata Power consumer base to nearly 12 million from the present base of 9.6 million across Mumbai, New Delhi, Ajmer, Central, Southern and Western parts of Odisha.
Commenting on this occasion Dr Praveer Sinha, CEO & MD, Tata Power said, “It is a proud moment for to have been given the opportunity to serve people of Odisha. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. We are thankful to the Odisha Government and Odisha Electricity Regulatory Commission for giving us this opportunity and reaffirming Tata Power’s commitment of ‘Lighting up Lives’ for the people of Odisha.”
With this takeover, the company’s distribution circles will expand to the North Eastern Electricity Supply Company of Odisha Limited (NESCO) with geographical spread of more than 27,500 sq. km and shall serves over 1.9 million consumers with annual input energy of 5450 MUs. It will manage a network of more than 90,000 CKT. KMs. for a license period of 25 years.
