Tata Power shares gain nearly 3% on winning order worth Rs 1,744 crore

The value of project is Rs 1,744 crore and the project will be spanned over a period of 10 years.

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Share price of Tata Power gained nearly 3 percent in the early trade on July 6 as company received Letter of Award (LoA) to implement smart metering project in Chhattisgarh State Power Distribution Company Limited (CSPDCL).

The LoA has been issued in conclusion to the tender floated by CSPDCL for three packages for different areas under the Chhattisgarh Discom.

Tata Power participated in package 2 and emerged as a winner.

The value of project is Rs 1,744 crore and the project will be spanned over a period of 10 years.

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“We are pleased to announce that we have won a significant order worth Rs 1,744 crore to implement Smart metering project in Chhattisgarh State Power Distribution Company Limited. It is a testament to our execution expertise in delivering high value and specialized projects which are aimed at transforming the power distribution domain,” said Dr Praveer Sinha, CEO& MD, Tata Power.

The project shall include design, supply, installation, commissioning followed by operation and maintenance of smart meters at consumer end and at distribution transformers level.

The project will be executed under Revamped Distribution Sector Scheme (RDSS) and is expected to improve the AT&C losses in the designated area and increase revenue collection for CSPDCL.

At 09:22 am, Tata Power Company was quoting at Rs 227.35, up Rs 5.70, or 2.57 percent on the BSE.