National: 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 North Eastern Electricity Supply Company of Odisha (NESCO), constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar. As per conditions of the 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 the additional distribution utility of Odisha, Tata Power shall now have the privilege to serve the entire population of Odisha. Nearly 9 million consumers shall now experience uniform processes and synergies in operations across the state. This expansion shall enhance the Tata Power consumer base to nearly 12 million from the present base of 9.6 million across Mumbai, New Delhi, Ajmer, and central, southern and western parts of Odisha.
Commenting on the occasion Dr Praveer Sinha, CEO and MD, Tata Power, said, “It is a proud moment for us to have been given the opportunity to serve the 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 to ‘Lighting up Lives’ for the people of Odisha.”
With this takeover, the company’s distribution circles will expand to NESCO, with a geographical spread of more than 27,500sqkm and shall serve over 1.9 million consumers with an annual input energy of 5,450MUs. It will manage a network of more than 90,000CKTkm for a licence period of 25 years.
