BHUBANESWAR: Tata Power on Monday announced that it has received the Letter of Intent (LoI) from Odisha Electricity Regulatory Commission (OERC) for distribution and retail supply of electricity in five circles of Nesco.
After winning Nesco, Tata Power Company Limited (TPCL) will now control the entire power distribution business of the State with a consumer base of 90 lakh. Nesco with geographical spread of more than 27,500 sq km has 19 lakh consumers with annual energy consumption of 5,450 million units.
A subsidiary of Tata Group, TPCL on June 1 took over the management of CESU followed by Wesco and Southco in January. OERC issued the vesting order of the two discoms with effect from January 1, 2021.
The company has received the LoI from OERC for Nesco’s five circles - Balasore, Bhadrak, Baripada, Jajpur and Keonjhar.
As per the LoI, TPCL will hold 51 per cent equity with management control and the State-owned Gridco will have the remaining 49 pc equity in the company.