“Torrent Power Limited has entered into a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) 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 Ltd (the SPV) for the purchase of 51 percent of its own share capital of the holding company’s special purpose vehicle (SPV), said a company statement.
Torrent Power has signed agreements to acquire 51 percent shares of Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd. Territory of Dadra and Nagar Haveli and Daman and Diu (Holding Company) and Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd (the SPV) for the purchase of 51 percent own share capital of the Special Purpose Vehicle (SPV) from the Holding Entity ,” said a statement from the company.
According to the statement, the SPV will be responsible for the distribution and retail supply of electricity and hold a 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 power distribution company in the country with a presence in 12 cities spanning 3 states and 1 Union Territory.
With the addition of DNH & DD, Torrent will distribute nearly 24 billion units of electricity per year to more than 3.85 million customers and meet peak demand of more than 5,000 MW.
The Torrent Power, the integrated energy company of the diversified Torrent Group, with total revenues of Rs 20,500 crore and a market capitalization of Rs 71,000 crore, is one of the largest companies in the energy sector in the country with a presence across the entire asset value chain from generation, transmission and distribution.
This post Torrent Power Enters into Agreements to Acquire 51 Percent Stake in Dadra and Nagar Haveli Power Distribution Company
was original published at “https://www.financialexpress.com/industry/torrent-power-inks-pacts-to-acquire-51-pc-stake-in-power-distribution-utility-of-dadra-and-nagar-haveli/2462784/”
