Bombay HC suspends tender process in which Torrent Power was highest bidder
Torrent Power was bidding for 51% equity stake in a power distribution company for Dadar & Nagar Haveli
Bombay High Court on Thursday suspended the tender process for power distribution in Dadar & Nagar Haveli. In this tender, Torrent Power Ltd was the highest bidder.
Torrent Power was bidding for 51% equity stake in a power distribution company for the two Union Territories of Maharashtra.
MORE FROM THIS SECTIONSee All
On Thursday, Torrent Power's scrip on BSE was trading 2.24% higher at ₹413.80 apiece in late trade.
The Bidding for the Distribution Business of the two UTs was undertaken as a part of the Government of India's initiative to privatize distribution utilities of UTs to usher in efficiency, which will provide a model for emulation by other utilities across the country.
The discom of the UT has annual revenue of about ₹4,500 crore at sale of around 9,000 million units of electricity every year to 1.5 lakh consumers covering geographical area of 603 square kilometres.
The company had earlier said if the aquisition took place, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2 per cent of India's total power consumption.
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.