Torrent Power gets LoI to buy stake in Power Distribution Company in the UT of Dadra and Nagar Haveli, Daman and Diu

9 Feb 2022 , 12:11 PM

Torrent Power Ltd has informed to the exchanges regarding  bid for 51% privatization of Power Distribution in the UT of Dadra and Nagar Haveli and Daman and Diu.

As per regulatory filing, the Electricity Department, U.T. Administration of Dadar & Nagar Haveli and Daman & Diu have issued a Letter of Intent (‘LOI’) dated February 07, 2022 to the Company for selecting the Company, pursuant to its Bid, to purchase 51 % shares in Dadra and Nagar Haveli and Daman / and Diu Power Distribution Corporation Limited (a company to be incorporated for holding assets of the Electricity Department, Daman and Diu and DNH Power Distribution Corporation Limited related to electricity distribution business).

This shall be responsible for distribution and retail supply of electricity and shall hold distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.

Further inform that Hon’ble Supreme Court of India vide its order dated July 09, 2021 has, inter alia, granted stay of the operation, of Hon’ble Bombay High Court’s impugned interim order dated March 04, 2021.

At around 12:12 PM, Torrent Power was trading at Rs511.30 per share up by Rs1.1 or 0.22% on Sensex.