Tata Power inks pact for electricity distribution in Ajmer
- EU will respond if US imposes tariffs on European steel, says Germany
- Maldives parliament extends emergency for 30 days
- I-T dept raids 20 premises linked to Mehul Choksi, Gitanjali Gems
- Arun Jaitley on PNB fraud: Govt will chase down those who cheat the banking system
- PNB Housing Finance plans to raise $400 million via masala bonds
New Delhi: Tata Power on Friday said it has signed an agreement with Ajmer Vidyut Vitran Nigam Ltd (AVVNL) for electricity distribution in Ajmer for 20 years.
Tata Power signed the Distribution Franchise Agreement (DFA) with AVVNL to cater to power requirements of customers in Ajmer for a period of 20 years, Tata Power said in a regulatory filing.
Subsequent to winning the bid for distribution franchise of Ajmer circle, Tata Power has formed a special purpose company (SPC), TP Ajmer Distribution Ltd.
Tata Power CEO and MD Anil Sardana said: “We welcome all our customers in Ajmer to a world class reliable power experience that is backed by best-in-class customer service.”
The SPC will be operating and maintaining the distribution network in the Ajmer city, which includes city division 1 and 2 areas, and would also be responsible for managing the billing and collections, it said.
Shares of Tata Power closed at Rs83.95, down 0.24% on BSE while the BSE Sensex closed down 0.19% at 29,365.30 points.