Torrent Power Ltd has signed agreements to acquire 51% equity in the Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd, with the goal of managing electricity distribution in the union territories of Dadra and Nagar Haveli and Daman and Diu (DNH & DD).
“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.
The SPV will be responsible for distribution and retail supply of electricity and holds distribution license in the Union Territory of DNH & DD, it said.
This acquisition will significantly strengthen Torrent’s position as the leading power distribution company in the country with a presence in 12 cities spread across three states and one Union territory, it said.
“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,” according to the statement.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of 20,500 crore, is one of the largest companies in the country’s power sector, with a presence across the overall power value chain of generation, transmission, and distribution.