Torrent Power takes over operations in Dadra -; Nagar Haveli, and Daman -; Diu; stock jumps ~2%

1 Apr 2022 , 12:24 PM

In its press release today, Torrent Power Limited announced a formal takeover of the power distribution operations in the Union Territory of Dadra & Nagar Haveli, Daman and Diu.

Dadra & Nagar Haveli, Daman and Diu is the first Union Territory to be privatized under the Government of India’s ambitious program to privatize the distribution network in Union Territories through a competitive bidding process.

The 1.5 Lacs customers in the Union Territory will now be served by Torrent Power, through the newly formed company – Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDD Power Distribution Company).

Torrent Power will own a 51% stake and Hon’ble Administrator of the Union Territory of Dadra & Nagar Haveli; Daman and Diu will own the balance 49% stake.

DNHDD Power Distribution Company will have a customer base of 1.5 lacs, annual sales of 9 billion units of power and annual revenue of about Rs4,500 crore.

Torrent Power in the past has acquired and successfully led a turnaround of the distribution network in the cities of Ahmedabad, Gandhinagar and Surat in Gujarat; Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra and Agra in Uttar Pradesh.

Torrent Power is also the first and only Power Distribution Company in India to win the prestigious 5 Star Rating for Environmental Sustainability, as well as the Sword of Honour for Occupational Health and Safety from the British Safety Council.

Torrent Power is currently trading at Rs501.55 up by Rs9.65 or 1.96% from its previous closing of Rs491.90 on the BSE. It has touched intraday high and low of Rs504.25 and Rs486.60 respectively.