Torrent Power Limited has entered into a share purchase agreement with Blue Daimond Properties Private Limited and Balrampur Chini Mills Limited for the acquisition of 100 per cent equity share capital of Visual Percept Solar Projects Private Limited.
Visual Percept Solar Project operates 25 MW solar power in Gujarat. The long-term power purchase agreement (PPA) for the project is with Gujarat Urja Vikas Nigam Limited for a period of 25 years. The enterprise value estimated for the acquisition is Rs 1.63 billion, subject to closing price adjustments, if any. The acquisition is further subject to customary conditions for transaction closure. Currently, equity shares in Visual Percept Solar Projects are held by Blue Daimond Properties (55 per cent) and Balrampur Chini Mills (45 per cent).