Tata Power has received 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 of WESCO consisting of Rourkela, Burla, Bhawanipatna, Bolangir, Bargargh and six circles of SOUTHCO consisting of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada.
As per conditions of bid documentation, Tata Power will hold 51 per cent equity with management control and Grid Corporation of Odisha Limited (GRIDCO) will have the remaining 49 percent equity stake in the company. The license period for the two distribution utilities shall be 25 years. While WESCO serves 2 million consumers, SOUTHCO serves close to 2.3 million consumer. With the addition of both these discoms, Tata Power’s consumer base will reach 10 million consumers from the present base of 5.7 million across Mumbai, Delhi, Central part of Odisha and Ajmer.