| Type | Public |
|---|---|
| Traded as | BSE: 532779 NSE: TORNTPOWR |
| Industry | Electricity generation Electricity transmission Electricity distribution |
| Founded | 1996 |
| Headquarters | Ahmedabad, India |
| Revenue | INR 23 billion (2006) |
| Net income | INR 1.2 billion (2006) |
| Employees | 4000 (2006) |
| Parent | Torrent Group |
| Website | torrentpower.com |
Torrent Power Limited (BSE: 532779, NSE: TORNTPOWR) is an India-based company engaged in the electricity generation, transmission and distribution. Its current operations are in the states of Gujarat and Maharashtra. It is expanding into Uttar Pradesh starting 15 August 2009. The company is the sole distributor of electricity to consumers in the cities of Ahmedabad, Gandhinagar and Surat.
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In 1997, the company received clearance from the Foreign Investment Promotion Board to issue preferential shares to US based MNC Investment Corporation for Rs. 400 Crore to help fund its acquisition of the Ahemdabad Electricity Company by purchasing the entire 28.89% stake held by the Gujarat government.[1] This acquisition formed what was then known as Torrent Power AEC Limited. Similarly, after acquiring the Surat Electricity Company in the same deal, Torrent Power SEC Limited was formed.
In 2005, the parent company, Torrent Group floated the company Torrent Power Generation to further expand into the power business. In 2006, the three power-related companies of Torrent Group, Torrent Power AEC Ltd, Torrent Power SEC Ltd, and Torrent Power Generation Ltd were merged to form Torrent Power.[2]
In 2007, Torrent Power signed a deal with the Gujarat Power Corporation for setting up a 1000MW coal-based power plant in Gujarat which is to be operational by 2012.[3]
More recently, in 2009, Torrent Power inked a deal with Uttar Pradesh Power Corporation Limited to franchisee to supply power to parts of Kanpur and Agra then handled by The Kanpur Electricity Supply Company Ltd. (KESCo) and the Agra Circle of Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL) for 20 years.[4] The handover has been marred by bad frequent power-cuts by the currently operating electricity boards and threats of state wide strikes by power engineers .[5]
With ventures in power generation, transmission and distribution.
Torrent Power has an aggregate generating capacity of 1647.5 MW comprising:
A unique mix of coal and gas based power plants that uses the latest power generation technologies ensures high thermal efficiency. It has plans to augment its generating capacity and is in the process of adding a standalone unit of 382.5 MW named UNOSUGEN at the existing SUGEN site and setting up a 1200 MW Greenfield DGEN Mega power project based on gas at Dahej SEZ, near Bharuch.
Torrent Power is in the process of setting up a 400 KV transmission system for evacuating power generated at its SUGEN plant to the various off take centers. The project being implemented in a phased manner is nearing completion and is expected to be fully functional during FY 2010-11.
Torrent Power transmits and distributes more than 12 billion units of power to around 2.2 million customers in the cities of Ahmedabad, Gandhinagar, Surat and Bhiwandi spanning an area of 408 km2. and franchise area of 721 km2. These cities are major industrial and commercial hubs.
The T&D losses in Gujarat at 7.6% is amongst the lowest in the country. A testimony of Torrent Power’s operational efficiency is the drastic reduction in T&D losses in Bhiwandi from 48% in January 2007 to the present 19.33%.
Torrent Power is one of the leading brands in the Indian power sector, promoted by the Rs. 8200 crore Torrent Group – a healthcare and power group.
The high points of Torrent’s foray into power however were the acquisitions of two of the India’s oldest utilities – The Surat Electricity Company Ltd and The Ahmedabad Electricity Company Ltd.
Torrent has a generation capacity of 1647.5 MW and distributes power to more than 3 million customers annually in Ahmedabad, Gandhinagar, Surat, Bhiwandi and Agra.
The company is currently implementing a 1200 MW gas based power project at Dahej in South Gujarat. The project, called the DGEN Power Project, is being implemented in a phased manner starting with a 400 MW first phase. It is also in the process of expanding the capacity of its SUGEN plant near Surat.
Distribution Franchise business is one area which Torrent Power has been aggressively pursuing as part of its expansion plans. Torrent Power created history by entering into the country’s first distribution franchisee agreement with Maharashtra State Electricity Distribution Company Limited for Bhiwandi Circle in December 2006. It has also been awarded the distribution franchise for Agra and Kanpur in Uttar Pradesh and has already commenced distribution operations in Agra.