Tata Power takes over power distribution in Western and Southern Odisha from January 1 onwards
The Mumbai-based power generation company Tata Power has said that it has taken over the management and operations of WESCO and SOUTHCO upon completion of the sale process.
The Mumbai-based power generation company Tata Power has said that it has taken over the management and operations of WESCO and SOUTHCO upon completion of the sale process. Now, WESCO and SOUTHCO will operate under the company name as TP Western Odisha Distribution Limited (TPWODL) and TP Southern Odisha Distribution Limited (TPSODL) respectively.
In a regulatory filing, Tata Power said, "It has acquired 51 per cent equity stake each in TPSODL and TPWODL for a consideration of Rs 127.50 crore and Rs 255 crore, respectively."
With this takeover, the company's distribution circles will expand to the western (TPWODL) and southern part (TPSODL) of Odisha with the geographical spread of more than 47,000 sq km each. It will manage a network of more than 100,000 CKT. KMs. each for a license period of 25 years.
The company in a tweet yesterday said, "Tata Power takes over power distribution in Western and Southern Odisha from 1st January'2021 onwards."
As per an order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51 per cent of equity with management control and the State-owned GRIDCO will have the remaining 49 per cent equity stake in the company.
TP Western Odisha Distribution Limited (TPWODL) shall now be responsible for the distribution and retail supply of electricity in five circles of WESCO covering 2 million consumers with annual input energy of 7520 MUs in areas of Rourkela, Burla, Bhawanipatna, Bolangir, Bargargh.
TP Southern Odisha Distribution Limited (TPSODL) will be responsible for the distribution covering 2.3 million consumers with an average energy input of 3470 MUs and retail supply of electricity in six circles of SOUTHCO in areas of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada.
Mr Praveer Sinha, CEO & MD, Tata Power said, "It is a proud moment for us as we have ushered in the new year by commencing operations in WESCO and SOUTHCO in Odisha. We are committed to provide reliable, affordable and quality power supply along with superior customer service. We are thankful to the Odisha Government and OERC for giving us this opportunity and reaffirm Tata Power's commitment to 'Lighting up Lives' for the people of Odisha."
With the inclusion of two additional distribution utilities, Tata Power expands its consumer base to 9.5 million from the present base of 5.2 million across Mumbai, New Delhi, Central part of Odisha and Ajmer.
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. With nearly 2.6GW of renewable energy assets in solar and wind accounting for 30 per cent of the company's portfolio, Tata Power is a leader in clean energy generation.