Torrent Power, Automotive Axles and Torrent Saurya Urja 3 have a shared subscription agreement

11 Dec 2023 , 02:01 PM

After Torrent Power, its subsidiary Torrent Saurya Urja 3 (TSU3PL), and Automotive Axles signed an amended agreement to the share subscription and shareholders’ agreement (SSSA), the company’s shares decreased 1.24% at opening on the NSE on December 11. The Torrent Power stock was trading at Rs 954.50 at 9:20 a.m.

Torrent Power announced in a regulatory filing on December 8 that it has inked a contract to sell 4 MWp (Megawatt Peak) of extra solar power electricity produced by the TSU3PL project to Automotive Axles’ Mysore, Karnataka, industrial unit.  According to the filing, Torrent Power will own a 74% stake in TSU3PL, while Automotive Axles would own 26% of the shares.

As part of the Torrent Group, Torrent Power is a well-known power and energy provider in India. It is a fully integrated power utility company having interests in cable production and supply, as well as power generation, transmission, and distribution. With 2,730 MW of gas-based capacity, 1,189 MW of renewable capacity, and 362 MW of coal-based capacity, the company has an installed generation capacity of 4,281 MW overall. About 4 million consumers in Ahmedabad, Gandhinagar, Surat, and Dahej SEZ, as well as Dholera SIR, Bhiwandi, Shil, Mumbra, and Kalwa, Agra, Dadra & Nagar Haveli, and Daman and Diu, receive energy distribution services from the major power provider.

For the second quarter ending September 30, 2023, Torrent Power Ltd reported a 9.2 percent year-over-year (YoY) increase in net profit at Rs 525.9 crore. Operating-wise, EBITDA increased by 4.9 percent to Rs 1,221.4 crore in Q2 of this fiscal year from Rs 1,164.2 crore in Q2 of last year.

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