Tata Power has completed acquisition of 51% equity stake each in TP Southern Odisha Distribution Ltd. (TPSODL) and TP Western Odisha Distribution Ltd. (TPWODL) for Rs 127.50 crore and Rs 255 crore, respectively.
State-owned GRIDCO Ltd. will hold the balance 49% equity stake each on TPSODL and TPWODL.
“It is a proud moment for us as we have ushered in the new year by commencing operations in WESCO and SOUTHCO in state of Odisha. We are committed to provide reliable, affordable and quality power supply along with superior customer service,” said Praveer Sinha, CEO & MD, Tata Power.
Odisha Electricity Regulatory Commission (OERC), has given the license to TPSODL to carry out the distribution and retail supply of electricity covering the distribution circles of Ganjam City, Berhampur, Aksa, Bhanjanagar, Jeypore and Rayagada in southern Odisha for a period of 25 years from January 1, 2021.
TPWODL will carry out the distribution and retail supply of electricity covering the distribution circles of Rourkela, Burla, Bhawanipatna, Bolangir and Bargargh in the western Odisha for the same period.
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.
Last year Tata Power, India’s largest integrated power utility, took over the management of CESU that supplies electricity in Odisha’s five circles consisting of Bhubaneshwar, Cuttack, Puri, Paradeep and Dhenkanal.