Torrent Power has emerged as the highest bidder for 51 per cent stake in a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu. .
The acquisition by Torrent Power is subject to further formalities as prescribed under the tender documents. The bidding for the distribution business of the UT has been undertaken as part of the government initiative to privatise distribution utilities of UTs to usher in efficiency. 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 will distribute nearly 25 BUs to over 3.8 million customers and cater a peak demand of over 5,000 MW.