Shares of electrical energy era and distribution firm – Torrent Energy – rose as a lot as 5.66 per cent to hit report excessive of Rs 385.45 after the corporate on Saturday knowledgeable exchanges that it has emerged as the best bidder for privatisation of an influence distribution firm within the Union Territory of Dadra & Nagar Haveli and Daman & Diu. (Monitor Torrent Energy inventory value right here)
“Torrent Energy Restricted emerged as the best Bidder for the sale of 51 per cent stake within the Energy Distribution Firm within the UT of Dadra & Nagar Haveli and Daman & Diu. The acquisition of 51 per cent stake within the energy distribution firm by Torrent is topic to additional formalities as prescribed below the Tender paperwork,” Torrent Energy stated in a press launch.
Torrent Energy at present distributes practically 16.66 billion models to over 3.65 million clients in 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 (together with Silvasa) and Daman & Diu, Torrent will distribute practically 25 billion models to over 3.eight million clients and cater a peak demand of over 5000 MW, the Ahmedabad-based energy distribution firm added.
“With this acquisition, Torrent might be entrusted with the accountability to distribute over 25 billion models of energy, which is equal to round 2% of India’s complete energy consumption. This acquisition will considerably strengthen Torrent’s place because the main Energy Distribution firm within the nation with a presence in 12 cities unfold throughout Three States and 1 Union Territory,” Samir Mehta, chairman of Torrent Group stated in a press release.
As of 12:18 pm, Torrent Energy shares traded Three per cent increased at Rs 376, outperforming the Sensex which was down 1.5 per cent.