India’s power distribution sector may be on the cusp of a major transformation — one that could open fresh opportunities for private players such as Tata Power , CESC , Adani Energy , and Torrent Power , according to Nikhil Nigania of Bernstein.

The government’s renewed focus on reforming debt-laden state power distribution companies (DISCOMs) — including a potential $12 billion bailout plan — signals a strong intent to boost private participation, enhance competition, and improve financial health in the sector.

“There is a very clear direction that the government wants to increase private participation in distribution companies… they want to bring in competition in power distribution and, number three, they want to improve profitability,” Nigania said, citing recent policy dis

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