~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~
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 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.
Tata Power is India’s largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,772 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 nearly 2.6GW of 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, micro grids 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 and recently entered into public-private partnership for Central part of Odisha namely, “Tata Power Central Odisha Distribution Limited”, Western part of Odisha namely, “Tata Power Western Odisha Distribution Limited” and Southern part of Odisha namely, “Tata Power Southern Odisha Distribution Limited”. Tata Power is serving more than 9.6 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 its 105 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
