POWER

Cabinet approves privatisation of electricity distribution in Dadra & Nagar Haveli and Daman & Diu

The union Cabinet on Wednesday approved the formation of a special purpose vehicle (SPV) to privatise electricity distribution business in the union territory of Dadra & Nagar Haveli and Daman & Diu. The Union Cabinet, chaired by Prime Minister Narendra Modi, also approved the sale of equity shares of the newly formed company to the highest bidder and formation of trust(s) for serving employees’ liabilities.

The Cabinet has approved the formation of a SPV to privatize the electricity distribution business in the Union Territory of Dadra & Nagar Haveli and Daman & Diu (DNH&DD), sale of equity shares of the newly formed company to highest bidder and formation of trust(s) for serving employees’ liabilities, an official statement said.

According to the statement, the said privatisation process will fulfill the desired outcomes of better services to over 1.45 lakh consumers of DNH&DD, operational improvements and functional efficiencies in distribution and provide a model for emulation by other utilities across the country.

Source
ET Energy World
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