ADB approves multi-tranche financing facility to improve power supply in Uttar Pradesh

Torrent Power emerges highest bidder for privatisation of power distribution company

Torrent Power has emerged as the highest bidder for the sale of 51 percent stake in the power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.

The discoms generate approximate revenue of Rs 4,500 crore per annum and annual sales of 9,000 million units with a geographical area of 603 sq km.

The acquisition of 51 percent stake in the power distribution company by Torrent Power is subject to further formalities as prescribed under the tender documents.

Torrent Power currently distributes nearly 16.66 billion units to over 3.65 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.

With the addition of Dadra & Nagar Haveli (including Silvasa) and Daman & Diu, Torrent Power will distribute nearly 25 billion units to over 3.8 million customers and cater a peak demand of over 5,000 MW.

With this acquisition, Torrent Power will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around two percent of India’s total power consumption.

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