Tata Power secures letter of intent for Odisha’s WESCO and SOUTHCO discoms

Tata Power has received the letter of intent from the Odisha Electricity Regulatory Commission for the distribution and retail supply of electricity in Odisha in five circles (Rourkela, Burla, Bhawanipatna, Bolangir, Bargargh) of WESCO and six circles (Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore, Rayagada) of SOUTHCO. Tata Power will hold 51 per cent equity with management control and GRIDCO Limited will hold the remaining 49 per cent equity stake in the company. The licence period for the two distribution utilities will be 25 years. WESCO and SOUTHCO serve 2 million and 2.3 million consumers respectively. Reportedly, a consortium of India Power Corporation Limited and French government-owned power utility Electricite de France SA were the only other bidders for WESCO and SOUTHCO respectively.