- Becomes the first Power Utility in India to implement end-to-end digital Letter of Credit settlement process
Tata Power, one of India’s leading integrated power companies, has partnered with Contour, a leading digital trade finance network based out of Singapore, to make its financial management process more robust, transparent and efficient.
Contour’s network uses decentralised technology (blockchain) to bring together companies, banks and ecosystem partners, onto a trusted network, to help create a streamlined digital trade finance workflow. The integration enables trusted data flow across the world’s trade routes and current fragmented ecosystems.
Manual and paper-based processes in finance slow trade growth by creating additional complexity and costs. By joining Contour’s network, Tata Power is implementing an end-to-end digital Letter of Credit (LC) settlement process. The company will gain from using a digital LC, since it will enable it to present documents in less than 24 hours, as opposed to the usual 5–10 days of a traditional process.
Mr. Sanjeev Churiwala, Chief Finance Officer, Tata Power said, “Tata Power’s collaboration with Contour will pave the way for a seamless trade finance process – one that can be made significantly efficient with the robust blockchain-based solution. The association is in line with the government’s vision of transforming the country’s financial ecosystem into a digital one, and is also consistent with our organization’s ambition of being sustainability driven and future-ready.”
Carl Wegner, CEO at Contour said: “As a leading energy player in India with an expanding international footprint, Tata Power is fuelling its growth by digitally transforming its trade finance process. By joining our network of 130+ corporates, Tata Power will be able to unlock more value and drive greater efficiency in trade through our digital solution.”
Tata Power continues to not only build on one of India’s most comprehensive renewable energy platforms but also continues its transition to become a utility of the future by focussing on sustainability, digitisation and customer oriented smart energy businesses for a new energy world.
Contour is a leading digital trade finance network that is building?the?global standard for trade by bringing together the world’s banks, corporates and ecosystem partners, onto a common, digital, and trusted network. Powered by innovation, trust and collaboration, Contour uses decentralised technology to offer seamless integration with market-leading digital document systems and other digital networks, enabling the instant flow of trusted data across the world’s trade routes and current fragmented ecosystems. Contour won the GTR Award for Best Fintech in Trade in 2022 and Leader in Trade for Digitalisation in 2021. It was also named Best Trade Finance Solution in 2021 by Treasury Management International.
Tata Power (NSE: TATAPOWER; BSE:500400) is one of India’s largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 14101 MW. The Company has a presence across the entire power value chain – generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution and trading.
The Company had developed the country’s first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 5241 MW of clean energy generation from solar, wind, hydro, and waste heat recovery accounting for 37% of the overall portfolio, the company is a leader in clean energy generation.
It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.
Tata Power is currently serving more than 12 million consumers via its Discoms, under public-private partnership model viz Tata Power Delhi Distribution Ltd. with Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited, and TP Southern Odisha Distribution Limited with Government of Odisha.
With a focus on sustainable and clean energy development, Tata Power is steering the transformation as an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and microgrids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al.
With its 107 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come. For more information visit us at: www.tatapower.com