Torrent Power Ltd. on Thursday said Bombay High Court has suspended the tender process for privatisation of a power distribution company in Dadar & Nagar Haveli and Daman & Diu.
In February, Torrent Power had emerged as the highest bidder in the tender for power distribution in the Union Territory of Dadra & Nagar Haveli and Daman & Diu.
"Torrent Power had emerged as the highest bidder in the tender for 51% equity stake in power distribution company for the Union Territory of Dadra & Nagar Haveli and Daman & Diu. In this connection, we would like to further inform that Bombay High Court has, inter alia, suspended the tender process in a Public Interest Litigation case before the court until further orders in the matter," the company said in an stock exchange filing.
The discom of the union territory has annual revenue of about Rs 4,500 crore on sale of around 9,000 million units of electricity every year to 1.5 lakh consumers covering geographical area of 603 square kilometres.
The bidding for the distribution business of the UT has been undertaken as part of the Union government's initiative to privatise distribution utilities of UTs to usher in efficiency, which will provide a model for emulation by other utilities across the country, the company had said last month.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
