Energetica India nº91 July August 2020

NEWS Tata Power Board Okays CGPL, TPSSL, Af-taab Merger; Q1 Profit up 10% Utility giant Tata Power Company’s board has approved the proposed merger of its three entities namely Coastal Gujarat Power Ltd (CGPL), Tata Power Solar Systems Ltd (TPSSL), and Af-taab Investment Company (Af-taab) with the parent company for greater synergies in financing, compliance, and oversight. However, the merger is subject to nec- essary approvals, and is part of a strate- gic initiative to simplify the group hold- ing structure and a broader plan to set the company for future growth through fiscal consolidation and strengthening of balance sheet, Tata Power said in a statement. Through this merger, the company aims to achieve the long-term objectives by facilitating efficient use of cash and making available corporate support to the businesses of the said wholly owned subsidiaries as needed. Commenting about the merger, Praveer Sinha, CEO & Managing Director, Tata Power said that “CGPL has already suf- fered large losses and is facing difficul - ty in financing its operations. Given the inordinate delay in resolution of the tar- iff matter, the merger will provide relief through direct support from the parent company. The company continue to be in discussion with various state govern- ments and state Discoms.” Besides, the company has also re- ported a 10 per cent rise in its consol- idated profit at Rs 268.1 crore for Q1 FY20, against Rs 243.08 crore during the same period a year ago, helped by lower tax cost and exceptional gain. However, it’s revenue from operations dropped 16.9 per cent to Rs 6,453 crore during the June quarter of FY21, as compared to Rs 7,767 crore in the same quarter previous year. On the company’s future plans, Sinha added “the company plans to scale- up the growth of the consumer-facing energy solution businesses like EV Charging, Smart Metering, Retail Roof- top Solar, Solar Pumps, Home Auto- mation and Solar Micro grids in rural areas.” 11 energetica INDIA- July-Aug_2020 The Chief Minister of Delhi Arvind Ke- jriwal has launched ‘Delhi Electric Ve- hicle (EV) Policy’ under which his gov- ernment will waive registration fee and road tax, and will also provide incen- tive of up to Rs 1.5 lakh for new cars in Delhi. EV Industry has welcomed the move. During an online media briefing, he said quoted PTI that, the policy, which aims to boost the economy, create jobs and reduce pollution level, has been notified. He termed it a ‘progressive policy’ of the country. As per the policy, the state government will provide incentive of up to Rs 30,000 for two-wheelers, autos and e-rick- shaws, on the other hand, up to Rs 1.5 lakh for cars. Kejriwal said “after launching this poli- cy, we expect 500,000 new electric ve- hicle in next five years... The Delhi gov - ernment will set up dedicated ‘EV Cell’ to implement ‘electric vehicle policy.” The chief minister also added that the government will also set up a ‘State Electric Vehicle Board’. He also added that, the Delhi govern- ment will provide ‘scrapping incentive’ under the electric vehicle policy and set up 200 charging stations in one year. Soon after the announcement made by the Delhi Chief Minister on the EV pol- icy, the EV industry stakeholders has welcomed the government’s move. By welcoming the move, Sohinder Singh Gill, CEO, Hero Electric Vehicles India, and DG of Society of Manufac- turers of Electric Vehicles (SMEV), said via a tweet “Many Thanks to @Arvind- Kejriwal, @CMODelhi for the new Elec- tric Vehicle Policy. Electric Vehicles will definitely pave the way for environmen - tally-friendly mobility solutions & make a greener and cleaner country!” Delhi Gets its EV Policy; Incentives Up to Rs 30k for 2W, 3W; Rs 1.5 Lakh for Cars NATIONAL