As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers.
Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
Rating agency Fitch attributed this growth to strong commercial and industrial demand.
Tata Power, the other private power distributor in Mumbai, in a response to Business Standard's query last week said, "With the addition of new direct consumers, we have seen a growth of ₹20 per cent in our direct customer's segment." The company added that with the number of direct customers increasing, electricity demand too has surged by over 40 per cent during the last three years.
Gautam Adani-promoted Adani Energy Solutions entered the Mumbai distribution business in 2018 through the purchase of assets from Anil Ambani-promoted Infrastructure. Tata Power has been an existing competitor since November 2009.
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