Torrent Power has announced formal takeover of the power distribution operations in the union territory (UT) of Dadra and Nagar Haveli, and Daman and Diu.
With this, Dadra and Nagar Haveli, and Daman and Diu have becomethe first UT to be privatised under the Government of India’s ambitious program to privatise the distribution network in UTsthrough a competitive bidding process. The UT will be served by the firm through its newly formed company Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDD Power Distribution Company), whereinTorrent Power will own 51 per cent stake and administrator of the UT of Dadra and Nagar Haveli, Daman and Diu will own the balance 49 per cent stake.With this take over, Torrent Power will now have a total customer base of 3.8 million across 12 cities.