Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
26 April, 2017 13:41 IST
Tata Power inks distribution franchisee pact in Ajmer City
Source: IRIS | 21 Apr, 2017, 01.05PM
Comments  |  Post Comment

Tata Power, India's largest integrated power company, announced execution of Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City. Subsequent to winning the bid for Distribution Franchisee of Ajmer Circle, Tata Power has formed a Special Purpose Company (SPC) "TP Ajmer Distribution". The company signed the Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam (AVVNL) to cater to the power requirements of customers in Ajmer, for a period of 20 years.

The SPC, TP Ajmer Distribution Limited will be responsible for operating and maintaining the distribution network in Ajmer City, which includes City Division-I and City Division-II areas. It will also be responsible for managing the billing and collections in the said areas. TP Ajmer Distribution Limited will work closely with all the existing employees of AVVNL to facilitate serving customers with efficiency and superior customer care that are synonymous with Tata Power.

(Q,N,C,F)*

Anil Sardana, CEO & Managing Director, Tata Power, said, "At Tata Power, we are committed to provide our customers with reliable and quality power, teamed with superior customer service. It is our endeavour to be the most preferred distribution company in the country, and work relentlessly towards achieving this objective. The success of our Delhi, Mumbai, and Jamshedpur Distribution businesses are testament to this fact. We welcome all our customers in Ajmer to a world class reliable power experience that is backed by best-in-class customer service. We would also like to thank AVVNL for giving us the opportunity to serve the residents of Ajmer city. We look forward to support of all stake holders to make the new assignment a success."

Having gained vast experience in Distribution in Mumbai and Delhi, Tata Power's entry into Ajmer will prove beneficial to both customers as well as AVVNL.Tata Power has been a benchmark performer in Delhi since the last 15 years, where losses in Delhi have been brought down from a high of 53% in 2002 to approximately 8.8% in March 2017. At Ajmer also, similar strategy is being worked out where Tata Power will work on all the areas to improve overall improvement in Distribution system by adapting to Tata culture of transparency and customer orientation quickly.

Tata Power and AVVNL will now commence various activities required for a smooth transition to facilitate the takeover of the Distribution Franchisee operations by TP Ajmer Distribution.

Shares of the company declined Rs 0, or 0%, to trade at Rs 84.15. The total volume of shares traded was 134,155 at the BSE (12.49 p.m., Friday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Reliance Home Finance FY17 net jumps 2-fold to Rs 1.73 bn - 26-Apr-2017 12:17
LIC Housing Finance quarterly profit rises 18% - 26-Apr-2017 11:55
Nucleus Software Exports quarterly profit jumps 57.66% - 26-Apr-2017 11:42
Adani Ports form JV with France's CMA CGM - 26-Apr-2017 11:28
Kolte Patil signs redevelopment project in Mumbai - 26-Apr-2017 11:21
NIIT Tech enters into partnership with SCCC - 26-Apr-2017 11:17
Persistent Systems quarterly earnings drop 0.41% - 26-Apr-2017 10:51
M&M's arm acquires 100% stake in MANA - 26-Apr-2017 10:34
Persistent Systems enters into strategic collaboration with Partners HealthCare - 26-Apr-2017 09:50
Zensar Technologies quarterly earnings plunges 84.49% - 26-Apr-2017 09:11
Wipro Q4 profit rises 7% on sequential basis to Rs 22.67 bn - 25-Apr-2017 17:02
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer