Weeks after Nigeria announced the sale of its power generating plants
; it has given the rights to power distribution – in Port Harcourt, Rivers State – to an Indian firm, CESC, a subsidiary of RP Sanjiv Goenka Group and the leader of a consortium of five companies. Its distribution area covers 48,000 sq km and has an annual turnover of $180 million.
In a statement by the vice-chairman of CESC and chairman of RP Sanjiv Goenka Group, Sanjiv Goenka, he said, “Our role will be that of a technical service provider in the network planning, supervision of implementation plan and improvement of efficiencies of the Disco, for which we will be getting a fee to the tune of $2.5 million per annum for the five years. The contract is renewable after five years. Each of the five partners in the consortium is also entitled to incentives in the order of 12.5 per cent of the incremental revenue on achievement of more than 80 per cent of loss reduction target.”
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This article was first published on 14th November 2012 and updated on November 23rd, 2012 at 3:02 pm