The Hindu : Power staff to float new company

Online edition of India's National Newspaper
Saturday, Jan 10, 2004

Andhra Pradesh

Andhra Pradesh

Power staff to float new company

HYDERABAD, JAN. 9. The Andhra Pradesh State Electricity Employees' Union, affiliated to the Indian National Trade Union Congress, has set an all-India record by forming a company with its estimated 30,000 members as shareholders for taking up all the three vital activities in the power sector— generation, transmission and distribution. To start with, the APSEE Power Company participated in the bids offered by the four discoms for outsourcing the management of sub-stations and the areas coming under them. The tenders forwarded by the company, being the lowest, have been selected for operation/maintenance of 29 sub-station areas spread over the State, covering about 4 lakh service connections of consumers.

Accordingly, the company is set to take over nine sub-stations in the areas of the Southern discom, 10 in the Northern discom, six in the Eastern discom and four sub-divisions in the Central discom from March. This was the first instance of "takeover" by any union of employees in the country. At a press conference here today, the union secretary general, G. Satyanarayana, also announced that they would mobilise the required capital for the company by offering shares to union members of face value of Rs 1,000 each, at the general body meeting at Ongole tomorrow. To start with, there was a plan to float the company with at least Rs 3 crores.

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Andhra Pradesh