New Delhi: Torrent Power has signed a Share Purchase Agreement (SPA) for the acquisition of 100 percent stake in Surya Vidyut Ltd (SVL) at an enterprise value of Rs 790 crore, the company said in a regulatory filing to the stock exchanges on Tuesday. "This acquisition supports the Company's focus area of sustainable growth through Renewable Energy," said Torrent Power. The acquisition is to be completed within 60 days from the date of signing of the Share Purchase Agreement.
Surya Vidyut Ltd is a wholly-owned subsidiary of Kolkata-based CESC Limited. It operates 156 MW wind power plants spread across the states of Gujarat, Rajasthan and Madhya Pradesh. Long-term Power Purchase Agreements (PPAs) for the projects are with respective state governments for a period of 25 years, with weighted average PPA tariff of Rs 4.68/ kWh.
The company posted a turnover of Rs 127.75 crore in FY 2018-19, Rs 130.33 crore in FY 2019-20 and Rs 117.39 crore in FY 2020-21.
Torrent Power, the integrated power utility of the diversified Torrent Group with group revenues of Rs 20,500 crore and market cap of Rs 75,000 crore, is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission and distribution. Torrent Power currently has an aggregate installed generation capacity of 3,879 MW comprising of 2,730 MW gas‐based capacity, 787 MW renewable capacity and 362 MW coal‐based capacity.
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