GUVNL Acquires 7.3% Stake in Torrent Power, Strengthening Power Sector Holdings

26 Sep 2024 , 07:49 PM

Gujarat Urja Vikas Nigam (GUVNL) acquired a 7.3% stake in Torrent Power on September 25, 2024, according to an exchange filing.

The acquisition involved 3.5 crore shares purchased through off-market transactions, although the deal’s value remains undisclosed. The Gujarat government holds a 1.47% equity stake in Torrent Power, while Gujarat State Financial Services Ltd. owns 9.75%.

Torrent Power is a major player in India’s power sector, boasting a market capitalization of ₹27,183 crore as part of the ₹41,000-crore Torrent Group. The company operates throughout the power value chain, encompassing generation, transmission, and distribution.

Torrent Power distributes approximately 30 billion units of electricity to over 4.13 million customers across regions in Gujarat, Dadra and Nagar Haveli, Daman and Diu, Maharashtra, and Uttar Pradesh.

This strategic acquisition by GUVNL reflects the growing interest in power sector investments and consolidates Torrent Power’s market position.