New Delhi: Delhi government on June 27 signed the share holding agreement with two private companies for power distribution in the capital marking the final stage of privatisation, with Chief Minister Sheila Dikshit announcing that a legislation would be enacted to curb electricity theft soon.

The agreement was inked by Delhi Principal Secretary (Finance) Ramesh Chandra on behalf of the government and Firdaus Phalkin, managing director of Tata Power, and S S Dua, chairman-cum-managing director of Bombay Suburban Electric Supplies (BSES) on behalf of their respective companies in the presence of Dikshit and two other ministers.

As per the agreement, from July 1, distribution will be managed by three companies to be set up, Central and East Delhi Electricity Supply Company (CEDESC) worth Rs 290 crore, West and South Delhi Electricity Supply Company (WSDESC) worth Rs 1,150 crore, and North and North West Delhi Electricity Supply Company (NNWDESC) worth Rs 920 crore.

Delhi government will have 49 per cent share in all these companies.

While BSES Ltd will take control of CEDESC and WSDESC, Tata Power will take charge of NNWDESC.

Dikshit said the move had been undertaken with the aim of curtailing power theft, which was causing a huge liability to the government.

PTI