Bhubaneswar: Tata Power Co Ltd (TPCL) has bagged the bids for two electricity distribution companies (discoms) in Odisha — Western Electricity Supply Utility of Odisha Ltd (WESCO) and Southern Electricity Supply Utility of Odisha Ltd (SOUTHCO).
Earlier, Odisha Electricity Regulatory Authority (OERC) had invited bids for the privatization of the two discoms.
In December 2019, TPCL had won a 25-year licence for distribution and retail supply of power in five circles of Central Electricity Supply Utility of Odisha (CESU Odisha) .
A consortium of India Power Corporation and French government-owned power utility Electricite de France (EDF) were the only other bidders for WESCO and SOUTHCO, respectively. However, their bids weren’t technically qualified, resulting in only TPCL’s bids being opened on Thursday.
Releases by both WESCO and SOUTHCO informed about the development.
While TPCL has committed to acquire Rs 300 crore arrears in 5 years for SOUTHCO, the company has assured to acquire Rs 100 crore arears in 5 years for WESCO. While TPCL will have 51 per cent of the ordinary share capital, GRIDCO will continue to own the rest 49 per cent.
Commenting on the successful bidding, TPCL CEO & MD Praveer Sinha said, “It is a proud moment for us. We are thankful to the Odisha government and OERC for giving us this opportunity. We are committed to provide reliable, affordable and quality power supply along with superior customer service, backed by innovative technology.”
He further said, “We constantly strive to become the most preferred distribution company in the country. The success of our Delhi, Mumbai and Ajmer Distribution including improvements in Central Odisha in a short span of time is winning the hearts of people of Odisha.”