Ahmedabad-based Torrent Power Ltd, India’s one of the largest power distribution companies, has inked agreements to acquire 51% equity of the Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd.
“Torrent Power has entered into a share purchase agreement and shareholders 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 SPV) for purchase of 51% equity share capital of the SPV from the Holding Entity,” the company announced in a media statement on Wednesday.
The agreement follows the bid the company had won to privatise power distribution business in the union territory.
As per the statement issued by the company, the Special Purpose Vehicle (SPV) will be responsible for distribution and retail supply of electricity and holds distribution license in the Union Territory of DNH & DD.
The company supplies power in Ahmedabad, Gandhinagar and Surat in Gujarat and Agra in Uttar Pradesh and Bhiwandi in Maharashtra. The latest acquisition of distribution rights further strengthens Torrent’s position as the leading power distribution company in the country with a presence in 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,” the company statement mentioned.
With group revenues of ₹20,500 crore, Torrent group is among the top power sector companies with presence across the entire value chain of generation, transmission, and distribution.
Other major businesses of the group include pharmaceutical and city gas distribution for residential, industrial, and auto in Gujarat, Tamil Nadu, Uttar Pradesh, and Rajasthan.
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