As per the order issued by the Odisha Electricity Regulatory Commission (OERC) on 28th May 2020, Tata Power will hold 51 percent equity with management control and the State-owned GRIDCO will have the remaining 49 percent equity stake in the company
June 02, 2020. By News Bureau
Tata Power has announced that it has taken over the management of CESU, after receiving the Letter of Intent (LOI) from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha’s five circles consisting of Bhubaneshwar, Cuttack, Puri, Paradip and Dhenkanal. As per order issued by the Odisha Electricity Regulatory Commission (OERC) on 28th May 2020, Tata Power will hold 51 percent equity with management control and the State-owned GRIDCO will have the remaining 49 percent equity stake in the company.
Tata Power has committed to improve and modernize the distribution system in the five circles. The priority of the company is to improve reliability, reduce AT&C losses and offer excellent customer service. As per the agreement, the company will retain all the existing employees of CESU and will govern them by their existing policy structure. Tata Power will provide better opportunities and facilities to the employees to update their knowledge and skills along with an exposure to best practices and cutting edge technologies as a part of change management in CESU.
Commenting on this occasion Praveer Sinha, CEO & MD, Tata Power said, “Our tie up with CESU is a huge development for Tata Power. 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. We constantly strive to become the most preferred distribution company in the country. The success of our Delhi, Mumbai and Ajmer Distribution businesses are testament to this fact.”
“Tata Power endeavors to bring about a positive transformation in Odisha by deploying smart grid technologies to supply reliable and quality power. Our customer-centric approach aims to enhance all aspects of customer services with smooth and efficient power distribution operations.” said Mr. Sanjay Banga, President - T &D, Tata Power.
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