Tata Power Co secures smart metering contract worth Rs 1,744 crore; stock zooms ~3%

6 Jul 2023 , 09:54 AM

Tata Power Company Limited informed that it has bagged a Letter of Award (LoA) for implementation of smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL).

The company has received the LoA in conclusion of tender floated by CSPDCL for three packages for three different areas under the Chhattisgarh Discom. Tata Power emerged as a winner in package 2, it only participated in the same. 

Tata Power said in its filing with the bourses that value of contract received by Tata Power is Rs 1,744 crore. The project is spanned over a period of 10 years.

As per the detail revealed by the company, the project shall include supply, design, installation, and commissioning followed by Operation and Maintenance of smart meters at consumer end and at the level of Distribution Transformers. 

The company said that it will execute the project under Revamped Distribution Sector Scheme (RDSS) and shall improve the AT&C losses in the designated area, while also generating more revenue for CSPDCL.

CSPDCL is a state-owned company that is engaged in electricity distribution. It is responsible for providing electricity to consumers across the state of Chhattisgarh.

At around 9.51 AM, Tata Power was trading 2.57% higher at Rs 227.40, against the previous close of Rs 221.70 on NSE. The counter touched an intraday high and low of Rs 228.65 and Rs 223.55, respectively.

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