Torrent Power Signs MoU Worth Rs 47,350 Crore With Gujarat Government

Torrent Power Ltd. has signed four Memorandum of Understanding worth Rs 47,350 crore with the Gujarat government on Wednesday.

The proposed investments are planned to be made in the areas of renewable energy, green hydrogen and power distribution, the company said in its exchange filing on Wednesday.

The agreement is expected to provide large-scale employment opportunities while contributing to the state's development, it said.

Details Of The MoU

• 3,450 MWs of solar power projects and 1,045 MWs of hybrid power projects for Rs 30,650 crore.

• Development of infrastructure for a 7,000-MW solar park for Rs 4,500 crore.

• Green hydrogen/green ammonia production facility for Rs 7,200 crore.

• Investment of Rs 5,000 crore in Torrent Power's distribution business in the state.

The agreements were signed in the 10th edition of the Vibrant Gujarat Global Summit.

"Torrent Group is committed to contribute towards nation-building by aligning our plans with the national priorities in the sectors where we are present," Samir Mehta, chairman of Torrent Group, said.

While the company signed MoUs worth Rs 47,350 crore on Wednesday, the company's market capitalisation currently stands at Rs 45,372.63 crore.

Shares of Torrent Power closed 0.49% higher at Rs 944.30 apiece on the NSE, as compared with a 0.69% decline in the benchmark Nifty 50.