Torrent Power takes over power distribution operations in the Union Territory of Dadra & Nagar Haveli, Daman and Diu

Torrent Power today announced 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); where Torrent Power will own 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 Rs. 4,500 crores.

Torrent Power in the past has acquired and successfully led turnaround of distribution network in the cities of Anmedabad, Gandhinagar and Surat in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh. Torrent Power has significantly improved power availability and reliability and reduced AT&C losses through investments in technology and improved operational efficiencies.

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 UK. Besides, Torrent Power is also one of the few power utilities to have implemented Integrated Management System covering ISO 9001:2015 - Quality Management System, 140001:2015-Environment Management System., 45001:2018-Occupational Health and Safety Management System, 50001:2018- Energy Management System and 55001:2014-Asset Management System.

Speaking on the occasion, Mr. Varun Mehta, Executive Director - Distribution of Torrent Power said "We are pleased to have the opportunity to serve the people of Dadra & Nagar Haveli, Daman and Diu and to bring to them the high standards of reliability and service that Torrent Power stands for. Over the course of the coming months, Torrent Power will strive to bring in a significantly better customer experience through improved reliability, operational efficiency and customer service. With the addition of Dadra & Nagar Haveli, Daman and Diu, Torrent Power has significantly strengthened its leadership position in the Power Distribution sector."

With the taking over of operations in Dadra & Nagar Haveli, Daman and Diu, Torrent Power will now have a total customer base of 3.8 million across 12 cities and annual sales of 24 billion units of power and a peak demand of 5000 MW across its Licensed and Franchised areas in Gujarat, Maharashtra, Uttar Pradesh and Dadra & Nagar Haveli, Daman and Diu.

Shares of Torrent Power Limited was last trading in BSE at Rs. 491.90 as compared to the previous close of Rs. 489.35. The total number of shares traded during the day was 5389 in over 325 trades.

The stock hit an intraday high of Rs. 493.25 and intraday low of 487.70. The net turnover during the day was Rs. 2644789.00.

Source : Equity Bulls

Keywords

TorrentPower INE813H01021 PowerDistribution DadraandNagarHaveli Daman Diu