The board also gave in-principle approval for setting up of InvIT (Infrastructure Investment Trust) for the company's renewable business on terms and conditions to be discussed with potential investors.
The transaction also includes a long-term freight contract with Oldendorff Carriers, one of the largest dry-bulk shipping companies in the world.
The Tata Power-DDL is a public private partnership (Joint Venture) between Tata Power and the Delhi government, supplying power to over seven million people in North and North-West Delhi.
TPDDL CEO and Managing Director Praveer Sinha said consumers, by using an app in their smart phones, will be able to access a host of information such as consumption during peak and off-peak hours, details of consumption for any period in the current fiscal compared to same period a year ago etc.
Delhi has enough power capacity to meet the power requirements and the company will ensure 100 percent power supply even after plants shut down, says Praveer Sinha, MD and CEO of Tata Power Delhi Distribution Limited.
Project connects more than 160 commercial and industrial facilities to trim energy use and costs, and help further improve supply efficiency. The Broad Adoption of Technology could cut peak electricity consumption in India by almost 7%.
Power surcharge in Delhi has now been hiked - the rates have gone up from 6 to 8 percent depending on which distribution companies delivers power. This will effectively take power tariffs higher.