Tata Power Company 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, Paradeep and Dhenekal. As per order issued by the Odisha Electricity Regulatory Commission (OERC) on May 28, 2020, the company will hold 51 percent equity with management control and the State owned GRIDCO will have the remaining 49 percent equity stake in the company.
The company has committed to improve and modernise 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. It 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.
Tata Power Company is India’s largest integrated power company with a growing international presence.
Company Name | CMP |
---|---|
NTPC | 353.20 |
Tata Power | 429.30 |
Power Grid Corp | 292.65 |
Adani Power | 591.60 |
Torrent Power | 1524.00 |
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