Tata Power Company, an integrated power company,  today, announced that it has taken over the management and operations of WESCO and SOUTHCO upon completion of sale process.

Now, WESCO and SOUTHCO will operate under the company name as TP Western Odisha Distribution (TPWODL) and TP Southern Odisha Distribution (TPSODL) respectively.

As per order issued by the Odisha Electricity Regulatory Commission (OERC), Tata Power holds 51% of equity with management control and the State-owned GRIDCO will have the remaining 49% equity stake in the company.

TP Western Odisha Distribution (TPWODL) shall now be responsible for the distribution and retail supply of electricity in five circles of WESCO covering 2 million consumers with annual input energy of 7520 MUs in areas of Rourkela, Burla, Bhawanipatna, Bolangir, Bargargh, while TP Southern Odisha Distribution (TPSODL) will be responsible for the distribution covering 2.3 million consumers with average energy input of 3470 MUs and retail supply of electricity in six circles of SOUTHCO in areas of Ganjam City, Berhampur, Aksa, Bhanjannagar, Jeypore and Rayagada.

With this takeover, the company's distribution circles will expand to the western (TPWODL) and southern part (TPSODL) of Odisha with geographical spread of more than 47,000 sq km each. It will manage a network of more than 100,000 CKT. KMs. each for a license period of 25 years.

With the inclusion of two additional distribution utilities, Tata Power expands its consumer base to 9.5 million from the present base of 5.2 million across Mumbai, New Delhi, Central part of Odisha and Ajmer.

Commenting on this occasion, Praveer Sinha, CEO & MD, Tata Power said, "It is a proud moment for us as we have ushered in the new year by commencing operations in WESCO and SOUTHCO in State of Odisha. We are committed to provide reliable, affordable and quality power supply along with superior customer service. We are thankful to the Odisha Government and OERC for giving us this opportunity and reaffirm Tata Power’s commitment of ‘Lighting up Lives’ for the people of Odisha."

Shares of the company declined Rs 0.6, or 0.73%, to settle  at  Rs 81.85.  The total volume of shares traded  was  2,718,020 at  the BSE (Thursday).