Torrent Power to acquire 51Percentage stake in Dadra and Nagar Haveli and Daman and Diu Power Distribution

23 Mar 2022 , 01:33 AM

Torrent Power has entered into a Share Purchase Agreement SPA and Shareholders Agreement SHA with Honble 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 the SPV for purchase of 51Percentage Equity Share Capital of the SPV from the Holding Entity The SPV will be 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 Torrents position as the leading Power Distribution Company in the country with a presence in 12 cities spread across 3 States and 1 Union Territory With the addition of DNH DD Torrent will distribute nearly 24 billion units of electricity per annum to over 385 million customers and cater a peak demand of over 5000 MW