Tata Power has received the Letter of Intent (LoI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha.
This will cover five circles of WESCO consisting of Rourkela, Burla, Bhawanipatna, Bolangir, Bargargh and six circles of SOUTHCO consisting of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada, Tata Power said in a statement. Tata Power will hold 51 per cent equity with management control, and the State-owned GRIDCO will have the remaining 49 per cent stake in the company.
Praveer Sinha, CEO & MD, Tata Power said, “We are thankful to the Odisha Government and OERC for giving us this opportunity. We are committed to providing reliable, affordable and quality power supply along with superior customer service, backed by innovative technology. We constantly strive to become the most preferred distribution company in the country. The success of our Delhi, Mumbai and Ajmer Distribution including improvements in Central Odisha in a short period is winning the hearts of people of Odisha.”
The license enables Tata Power to serve the consumers of the Western part (WESCO), and Southern part (SOUTHCO) of Odisha with the geographical spread of more than 47,000 sq km each and will manage a network of more than 100,000 ckt. km each, the company said. The license period for the two distribution utilities will be 25 years. WESCO has around 2 million consumers with annual input energy of 7,520 Million Units (MUs), and about 2.3 million consumers with annual input energy of 3470 Million Units (MUs). With WESCO and SOUTHCO, with the addition of both the discoms, Tata Power’s consumer base will reach 10 million consumers from the current base of 5.7 million across Mumbai, Delhi, Central part of Odisha and Ajmer.
Tata Power shares closed at ₹71.65 or 3.5 per cent up when compared to previous day’s close.
Additionally, Tata Power will retain all the existing employees of WESCO and SOUTHCO, and their service conditions shall continue as per their existing policy structure. Tata Power will provide better opportunities and facilities to all the employees to update their knowledge and skills along with exposure to best practices and cutting edge technologies as a part of change management in WESCO and SOUTHCO respectively, it added.
In June, Tata Power received LoI from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha’s five circles, consisting of Bhubaneshwar, Cuttack, Puri, Paradip and Dhenkanal,
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