Torrent Power and Gujarat Government Enter Four MoUs, Unveiling Rs 47,350 Crore Investment Plan; stock hits new 52-week high

4 Jan 2024 , 01:21 PM

Torrent Power Limited, the diversified Torrent Group’s integrated power utility, has entered into four non-binding Memorandums of Understanding (MoUs) with the Government of Gujarat as part of the 10th edition of the Vibrant Gujarat Global Summit.

Following this development, the company’s counter jumped to a new 52-week high of Rs 1,071.95 per piece.

Torrent Power and Gujarat Energy Development Agency (GEDA) inked the agreements today in Gandhinagar.

Torrent Power has proposed a total investment of Rs 47,350 crore across the four MoUs. The projected investments are intended to contribute considerably to the growth of the state and the establishment of large-scale job prospects in the fields of renewable energy, green hydrogen, and power distribution, according to the firm.

Torrent Group Chairman, Samir Mehta, expressed that Torrent Power plans to allocate a substantial portion of its upcoming investments towards critical national priorities, including renewable generation, pump storage hydro projects, production of green hydrogen/green ammonia, and power distribution.

The initial MoUs call for the construction of 3,450 MW of solar power projects and 1,045 MW of hybrid power projects in the districts of Banaskantha, Jamnagar, Patan, and Surendranagar, with a total investment of Rs 30,650 crore.

The second MoU calls for an investment of Rs 4,500 crore in the creation of a solar park infrastructure for a 7,000-MW solar power plant to be built in the Banaskantha district.

The third MoU calls for the establishment of a green hydrogen / green ammonia production plant with a capacity of 100 KTPA in Banaskantha / Dahej, with a total investment of Rs 7,200 crore.

The fourth MoU calls for a Rs 5,000 crore investment in Torrent Power’s distribution business in Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Mandal Becharaji SIR (MBSIR).

At around 1.16 PM, Torrent Power was trading 8.76% higher at Rs 1,027 per piece, against the previous close of Rs 944.30 on NSE.

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