~Tata Power enters in the 'Leadership' category of the Indian Corporate Governance Scorecard 2019~
Tata Power has been ranked among the top 10 companies in this year’s Indian Corporate Governance Scorecard, which is developed jointly by BSE Limited, the International Finance Corporation (IFC) and Institutional Investor Advisory Services India Limited (IiAS), with the financial support of the Government of Japan.
Tata Power made it into the top 10 list for the first time. This is also the first time that Tata Power has entered in the ‘Leadership’ category, which features six companies with the highest scores. In fact, Tata Power has made it directly to the ‘Leadership’ category, showing immense growth in the governance scores.
Mr. Ramesh Subramanyam, Chief Financial Officer, Tata Power along with Mr. Hanoz M. Mistry, Company Secretary, Tata Power received this award during an event held in Mumbai. Members of Tata Power’s Secretarial team were also present on the occasion.
The Scorecard presents an assessment of 150 companies, which comprises S&P BSE 100 index constituents (BSE 100 companies) and 50 companies that were listed between April 2015 and March 2017 (IPO companies). According to the report, these 150 companies aggregate about 72% of the total market capitalization.
“At Tata Power, good corporate governance is a way of life and the way we do our business, encompassing every day’s activities and is enshrined as a part of our way of working. The Company is focused on the enhancement of long-term value creation for all stakeholders without compromising on integrity, societal obligations, environment and regulatory compliances,” said Mr. Praveer Sinha, CEO & MD, Tata Power.
“For Tata Power, good corporate governance is a synonym for sound management, transparency and disclosure, encompassing good corporate practices, procedures, standards and implicit rules which propel a company to take sound decisions, thus maximising long-term shareholder value without compromising on integrity, social obligations and regulatory compliances,” Mr. Ramesh Subramanyam, CFO, Tata Power added.
This is the fourth year of the Indian Corporate Governance Scorecard, which has been developed to provide a fair assessment of corporate governance practices at the corporate level. The report is intended to provide investors, regulators, internal and external stakeholders key information to help them in their decisions with regards to the market and sector performance and that of individual companies.
Tata Power is India’s largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10,763 MW. A pioneer in the field, it has a presence across the entire power value chain: Generation of renewable as well as conventional power including hydro and thermal energy; transmission & distribution, trading and coal & freight logistics. With renewable energy assets in solar and wind accounting for 30% of the company's portfolio, Tata Power is a leader in clean energy generation. In line with the company's view on sustainable and clean energy development, Tata Power is steering the transformation of utilities to integrated solutions by looking at new business growth in EV charging & storage, distributed generation & rooftops, microgrids and home automation & smart meters. It has successful public-private partnerships in generation, transmission & distribution in India namely: ‘Tata Power Delhi Distribution Ltd.’ with Delhi Vidyut Board for distribution in North Delhi; 'Tata Power Ajmer Distribution Ltd.' with Ajmer Vidyut Vitran Nigam Ltd. for distribution in Ajmer; 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi; 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power is serving more than 2.6 million distribution consumers in India and has developed the country’s first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology.
With growing international focus, Tata Power's global presence includes strategic investments in Indonesia through a 30% stake in the coal company PT Kaltim Prima Coal (KPC); 26% stake in mines at PT Baramulti Suksessarana Tbk (BSSR); in Singapore through Trust Energy Resources; in South Africa through a joint venture called ‘Cennergi’ to develop projects in sub-Sahara Africa; in Zambia through a 50:50 joint venture with ZESCO for 120 MW Hydro project; in Georgia through AGL which is a joint venture with Clean Energy, Norway & IFC for development of 187 MW hydro project; in Bhutan through a hydro project in partnership with The Royal Government of Bhutan.
With its 103 years track record of technology leadership, project execution excellence, world-class safety processes, customer care and driving green initiatives, Tata Power is poised for multi-fold growth and committed to 'lighting up lives' for generations to come. Visit us at: www.tatapower.com.
