In five circles of NECO utility
Tata Power Company announced that vide Letter of Intent (LOI) issued by The Odisha Electricity Regulatory Commission (OERC), the Company has been selected as the successful bidder to own the licence for the distribution and retail supply of electricity in Odisha's five circles of North Eastern Electricity Supply Company of Odisha (NESCO) Utility constituting the areas of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar.The proposed sale of NESCO Utility to the Company will be through the formation of a Special Purpose Vehicle (SPV) entity in which the Government of Odisha will own 49% in the equity share capital and the Company will hold balance 51% with their management.
Expected annual revenue of the SPV created for license of NESCO Utility will be in excess of Rs 2,470 crore. Consumer base of the Company will increase to approx. 115 lakh.
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