Tata Power also to take over Nesco
The Tata Power Company Ltd has secured licence for electricity distribution and retail supply in five circles of the North Eastern Electricity Supply Company of Odisha Limited (Nesco) Utility.
It will take care of power distribution and retail supply in Baleswar, Bhadrak, Baripada, Jajpur and Keonjhar areas.The licence for electricity distribution and retail supply would be initially valid for 25 years and can be extended subsequently.
The proposed sale of the Nesco Utility to Tata Power would be through formation of a special purpose vehicle (SPV) entity in which the State Government would own 49% stake and the company would hold balance 51% with its management. The company said the SPV’s expected annual revenue would be more than Rs 2,470 crore.
