NTPC, PGCIL ink MoU to enter national distribution business

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Published: June 23, 2019 4:16:13 AM

The main aim of the initiative undertaken by the state-owned behemoths is to enter electricity distribution business on a pan-India basis.

NTPC, India’s largest energy conglomerate, and PGCIL, India’s biggest electricity transmission utility, have signed an agreement for setting up National Electricity Distribution Company Ltd (NEDCL) through a joint venture company on 50:50 equity basis.

The main aim of the initiative undertaken by the state-owned behemoths is to enter electricity distribution business on a pan-India basis. The development comes at a time when cumulative financial losses of state-owned power distribution companies grew 44% to Rs 21,658 crore in FY19, reversing the declining trend since the UDAY scheme was launched in November 2015.

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