NEW DELHI: Torrent Power on Friday took over power supply in Dadra & Nagar Haveli, Daman and Diu, completing the first privatisation of a union territory discom announced in 2020.
"Torrent Power will strive to bring in a significantly better customer experience through improved reliability, operational efficiency and customer service,” a company statement quoted executive director (distribution) Varun Mehta as saying.
The company had in February 2021 outbid firms such as Adani Transmission, CESC, Sterlite and ReNew Power by quoting Rs 555 crore, or three times the reserve price of Rs 151 crore, for a 51% stake in the utility.
Dadra & Nagar Haveli and Daman and Diu are a profitable proposition because of a high concentration of industrial and commercial units, which make up about 90% consumers.
This will be the ninth distribution utility in Torrent’s portfolio. The company operates distribution networks in Ahmedabad, Gandhinagar and Surat in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.
The latest network will add 1.5 lakh consumers, annual sales of nine billion units of power and annual revenue of about Rs 4,500 crore to the Torrent’s distribution business. This will take its total consumer base to more than 30 lakh and total supply to 24 billion units of electricity per annum.
