Tata Power takes over NESCO
India, Mumbai: Tata Power has received the letter of intent for taking over the operation of North Eastern Supply Company of Odisha Ltd. (NESCO).
Image source: T&D India
India, Mumbai: Tata Power has received the letter of intent for taking over the operation of North Eastern Supply Company of Odisha Ltd. (NESCO).
With this, the integrated power utility has effectively taken over the power distribution and supply activities of the entire eastern state.
With NESCO under its fold, Tata Power will now be entrusted with the discom’s five circles constituting the areas in the north-eastern part of Odisha.
Tata Power will hold 51 % equity with management control and the state-owned Grid Corporation of Odisha Ltd (GRIDCO) will be a minority partner with 49 % equity stake. The joint venture, a public private partnership, will be the distribution licensee for a period of 25 years.
The five aforementioned circles cover a geographical area of more than 27,500 km2 with over 1.9 million consumers. The annual input energy requirement is an estimated 5450 GWh.
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.”
Over the recent past, Tata Power similarly took over operations of the only three other power discoms in Odisha – CESU, WESCO and SOUTHCO.
Source: T&D India