Torrent, Reliance bid for power distribution in Agra

Four companies, including Torrent Power and Reliance Power, have submitted bids for power distribution in Agra. The other two companies are PNC Infratech and Jamshedpur Utilities & Services Company Ltd (JUSCO), a Tata Group firm.

The financial bids will be opened on Wednesday along with the technical bids for Bareilly.

Last week, Torrent Power was issued the Letter of Intent (LoI) for distributing power in Kanpur. The company currently distributes power at Bhiwandi in Maharashtra, where line and distribution losses had been brought down significantly, claims company’s director Murli Ranganathan.

Currently, KESCO (Kanpur Electricity Supply Company Ltd) — a subsidiary of Uttar Pradesh Power Corporation Ltd (UPPCL) —distributes power in Kanpur city that has about 487,000 consumers and has an annual consumption of over a billion units. It has revenues of nearly Rs 600 crore per annum.

Torrent had quoted highest rates at Rs 2.17 per unit, followed by JUSCO at Rs 2.16 per unit for Kanpur.

As per stipulation, a formal agreement must be signed within 45 days between Torrent and UPPCL and the company be handed over the distribution within 60 days of the issue of LoI, official sources told Business Standard.

Meanwhile, power employees are opposing the bidding and are boycotting work at Kanpur, Agra and Bareilly.