Torrent Power announced on Friday a formal takeover of the power distribution operations in the territory of the Union Dadra and Nagar Haveli and Daman and Diu.
Dadra and Nagar Haveli, Daman and Diu are the first Union territory where the electricity distribution network has been privatized under the Government of India’s program through a competitive bidding process.
Torrent Power will serve 1.5 lakh customers in the territory of the Union through the newly formed company – Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDD Power Distribution Company).
Torrent Power owns 51% of the shares and the administrator of the union territory holds the balance sheet item in the new unit.
DNHDD Power Distribution Company will have a customer base of 1.5 lakh, annual sales of 9 billion power units and an annual turnover of approximately Rs. SEK 4,500 million.
Torrent Power has previously also acquired distribution networks in Ahmedabad, Gandhinagar and Surat in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
Varun Mehta, CEO – Distribution of Torrent Power said “Over 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 leading position in the power distribution sector. “
With the acquisition of operations in the territory of the Union, Torrent Power will now have a total customer base of 3.8 million in 12 cities and annual sales of 24 billion power units and a peak demand of 5,000 MW over its licensed and franchise areas in Gujarat, Maharashtra, Uttar Pradesh and Dadra & Nagar Haveli, Daman and Diu.
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