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CESC likely to announce business restructuring scheme in May

CESC likely to announce business restructuring scheme in MayKolkata, April 10 (IANS) The Rs 32,000-crore RP-Sanjiv Goenka group may announce the "business restructuring scheme" of its flagship power company CESC in May, a company source said on Monday.

The restructuring scheme is "ready" and the company will likely create separate entities for the two verticals-generation and distribution.

"CESC is keen to time the recast announcement along with the financial results in the third week of May," the company source said.

 

According to the source, the city-based power utility, going forward, will focus significantly more on distribution operations.

"The company will turn into a generation-light company as it feels it is now the
right business model for growth," the source said.

In February, group Chairman Sanjiv Goenka said various aspects regarding the restructuring exercise were being evaluated and the consultant was reviewing this whole unbundling exercise.

"Hopefully, they will present it before the board shortly," Goenka had said.

The power utility has been aggressively bidding for distribution projects. In February, it had won a distribution project for Bikaner in Rajasthan while last June, the company had also secured power supply contracts for Kota and Bharatpur in the state.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

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CESC likely to announce business restructuring scheme in May

About VDC

Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.

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