Torrent Power Limited on Wednesday said it will buy 51% stake in Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation.
Torrent Power has entered into an agreement with the administrator of the Union Territory of Dadra and Nagar Haveli and Daman and Diu (holding entity) and Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (the Special Purpose Vehicle) for purchase of 51% share capital of the SPV from the holding entity.
The SPV is responsible for distribution and retail supply of electricity and holds distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD).
This acquisition will significantly strengthen Torrent’s position as the leading discom in the country with a presence in 12 cities spread across three states and one Union Territory.
With the addition of DNH & DD, Torrent will distribute nearly 24 billion units of electricity per annum to over 3.85 million customers and cater a peak demand of over 5,000 MW.
Torrent Power is the integrated power utility of the diversified Torrent Group with group revenue of ₹20,500 crore.
Source: Mint