Tata Power said subsequent to winning the bid for Distribution Franchisee of Ajmer Circle, Tata Power has formed a Special Purpose Company (SPC) TP Ajmer Distribution Limited.
Tata Power on Friday informed the bourses that the company has executed Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City.
“The company signed the Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam Limited (AVVNL) to cater to the power requirements of customers in Ajmer, for a period of 20 years,” the said in a regulatory filing.
The company further added that subsequent to winning the bid for Distribution Franchisee of Ajmer Circle, Tata Power has formed a Special Purpose Company (SPC) “TP Ajmer Distribution Limited”
The SPC, TP Ajmer Distribution Limited will be responsible for operating and maintaining the distribution network in AJmer City, which includes City Divison – and City Divison -II areas. The company will also be responsible for managing the billing and collections in the said areas.
Anil Sardana, CEO and Managing Director, Tata Power said,”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 thanks 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.”
At 12.53 pm, Tata Power shares were trading 0.18 per cent down at Rs 84. on BSE. BSE Sensex was trading 40.97 points down at 29,381.42 during the same time.