Torrent gets stake in Dadra & Nagar Haveli power corpn

Torrent Power has inked agreements to acquire 51 per cent equity of Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Ltd.

“Torrent Power Limited has entered into a Share Purchase Agreement (SPA) and Shareholders Agreement (SHA) with 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 Ltd (the SPV) for purchase of 51 per cent Equity Share Capital of the SPV (special purpose vehicle) from the Holding Entity,” a company statement said.

According to the statement, the SPV will be responsible for the distribution and retail supply of electricity and holds distribution licence in the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD). This acquisition will significantly strengthen Torrent’s position as the leading Power Distribution Company in the country with a presence in 12 cities spread across 3 states and 1 Union Territory. (PTI)