Gujarat Urja Vikas Nigam Ltd., the state discom, acquired 7.28% stake in private power producer Torrent Power Ltd. The company acquired 3.5 crore shares via off-market deals on Sept. 25, Torrent said in an exchange filing on Thursday. The value of the deal has not been disclosed.
GUVNL is engaged in the business of bulk purchase and sale of electricity, supervision, co-ordination and facilitation of the activities of its six subsidiary companies in Gujarat. It has a total installed capacity of 19.65 gigawatt.
The Gujarat government has an equity holding of 1.47% in Torrent Power, while the Gujarat State Financial Services Ltd. has 9.75%.
The Torrent Group firm supplies electricity to the cities of Ahmedabad, Surat, Gandhinagar, Dahej SEZ , Dholera SIR in Gujarat and Union Territory of Dadra & Nagar Haveli, Daman and Diu.
The company has identified energy storage sites in multiple states and plans to install about 5–8 gigawatt capacity at an investment of Rs 25,000–35,000 crore.
The company submitted two 'Shapath Patras' to the Union Ministry of New and Renewable Energy at the fourth edition of RE-Invest at Gandhinagar on Monday, pledging a total investment of Rs 64,000 crore in multiple projects.
The power utility company will achieve 10 GW of installed renewable energy capacity by 2030, with an investment of Rs 57,000 crore.
The firm will also set up a 1,00,000 KTPA green ammonia production facility with a Rs 7,200 crore investment.
Shares of Torrent Power closed flat at Rs 1887.05 apiece on the BSE, compared to a 0.78% gain in the Sensex.
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