Torrent Power stated that the Supreme Court has stayed a Bombay High Court order that suspended tender process for power distribution business in Dadra Nagar Haveli and Daman & Diu.
Torrent Power had emerged as the highest bidder in the tender for 51 per cent equity stake in a power distribution company for the Union Territories of Dadra Nagar Haveli and Daman & Diu.
In March this year, the Bombay High Court suspended the tender process in a public interest litigation case until further orders in the matter, Torrent Power said in a regulatory filing.
Torrent Power is one of the leading brands in the Indian power sector. With an all-round experience in generation, transmission and distribution of power, and a proven track record of implementing large power projects, the Company is the most experienced private sector player in Gujarat. The Company is also engaged in manufacturing and supply of power cables.
One of the very few fully integrated power companies in India encompassing the entire value chain of the power industry, Torrent Power possesses a unique advantage that allows it to function with unparalleled efficiency and meticulous attention when it comes to providing last mile connectivity to its customers.
“The acquisition of 51 per cent stake in the power distribution company by Torrent is subject to further formalities as prescribed under the tender documents,” the company said on Saturday.
“With this acquisition, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2 per cent of India’s total power consumption. 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. We are excited to have the opportunity to serve the citizens of Dadra & Nagar Haveli and Daman & Diu and provide them the high standards of reliability and service that Torrent stands for.” said Samir Mehta, Chairman of Torrent Group.