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CESC lands consultancy mandate in Nigeria
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Em News Bureau
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Thursday, December 20, 2012, 11:53 Hrs [IST] |
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CESC Ltd, part of the RPSanjiv
Goenka Group, has
bagged a consultancy
contract of $2.5 million (Rs.13.7
crore at current exchange rates)
a year in power distribution
sector in Nigeria. The five-year
contract is renewable after the
term-end.
CESC was a part of the
consortium that bid for the Port
Harcourt Distribution
Company Plc (PHED). The annual
turnover for the distribution
company will be $180 million. The
other consortium partners include
private equity funds and Nigerian
nationals. CESC will provide
technical assistance only.
CESC also has the option of
investing up to six per cent in the
distribution company. Consortium
members are entitled to
additional 12.5 per cent revenue
each in case the distribution
losses are substantially
reduced, it is learnt.
PHED is one of the 18
autonomous off-shoot or
successor companies from
PHCN Power Holding Company
of Nigeria PHCN when it was
broken up into 11 distribution
companies, six generation
companies and one transmission
company following a power sector
reform programme in 2005. Nigeria's
total power generation capacity stands
at around 8,600 mw.
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