By Our Correspondent
BHUBANESWAR: Tata Power Company Ltd (TPCL) will face tough time ahead with Odisha Rajya Bidyut Shramika Karmachari Engineers’ Ekta Manch writing to Odisha Chief Minister Naveen Patnaik to cancel LOI issued to TPCL in accordance with clause-34 and 61 of the vesting order.
The Manch in a letter to the Chief Minister Patnaik, has requested him to direct GRIDCO to refund TPCL of the value of 51 per cent equity share amounting to Rs 178.50 crore and refund the performance guarantee money of Rs 150 crore to TPCL and allow CESU to continue with the operations of the central discom as per the earlier scheme. It said the TPCL has filed review petition within just twenty days of taking over the assets and license of CESU.
The Mancha tried to bring to the notice of CM that this is an attempt of TPCL, 51% share holder in the company named TP Central Odisha Distribution Limited (TPCODL), to gain absolute control over TPCODL and license to misuse the public assets. It said this is an attempt to play with the interest of the consumers and employees. The body alleged that the TPCL even after acquiring the valuable public assets at very low value is not satisfied with its profiteering attitude.
Tata Power, India’s largest integrated power utility, on Monday , had in last June this year announced that it had 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 is holding 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 received a license for 25 years. Spread over 30,000 Sq km, CESU has five electrical circles comprising of the areas of Bhubaneswar (Electrical Circle – I and II), Cuttack, Paradip and Dhenkanal with a population of over 1.4 crore and consumer base of 2.5 million.
Tata Power is India’s largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed/ managed capacity of 12,742 MW. A pioneer in the field, it has a presence across the entire power value chain – generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, trading and coal & freight logistics.
