-Tata Power holds 51 percent equity, 49 percent owned by Government of Odisha
-Retains all the existing employees of NESCO; aims to create a successful PPP model in Power Sector
Tata Power, India’s largest integrated power utility, today announced that it has taken over the management and operations of NESCO ( North Eastern Electricity Supply Company of Odisha) upon completion of the sale process. Now, NESCO will operate under the company name as TP Northern Odisha Distribution Limited (TPNODL). As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51 percent of equity with management control and the State-owned GRIDCO will have 49 percent equity stake in the company.
TP Northern Odisha Distribution Limited (TPNODL) shall now be responsible for the distribution and retail supply of electricity in five circles of NESCO covering close to 2 million consumers with annual input energy of 5450 MUs in areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar. This covers a geographical spread of more than 27,500 sq km and a network of more than 90,000 CKT.KMs. for a license period of 25 years. With this, Tata Power now distributes power in the entire state of Odisha with a total customer base of 9 million.Tata Power consumer base now stands at 11.5 million across Mumbai, New Delhi, Odisha and Ajmer as the largest private sector power distribution company in the country.
Commenting on this occasion, Dr. Praveer Sinha, CEO & MD, Tata Power said, “It is a proud moment for us that on the auspicious occasion of “Utkal Diwas ‘, we have taken over the operations of NESCO in State of 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 (Odisha Electricity Regulatory Commission) for giving us this opportunity and reaffirm Tata Power’s commitment of ‘Lighting up Lives’ for the people of Odisha.”