- The UT will be served by the firm through its newly formed company — Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation (DNHDD)
- Torrent Power will own 51 percent stake and the Administrator of the UT will own the balance 49 percent stake in the discom
New Delhi: Torrent Power has formally taken over the power distribution companies (discoms) in the Union Territories (UT) of Dadra and Nagar Haveli and Daman and Diu, completing the privatisation process, the company said in an official statement on Friday. “Dadra and Nagar Haveli, Daman and Diu is the first UT to be privatised under the government’s programme to privatise the distribution network in UTs through a competitive bidding process,” it added.
Privatisation: Torrent Power forms company to take over discoms
The UT will be served by the firm through its newly formed company — Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation (DNHDD).
“Torrent Power will own 51 percent stake and the Administrator of the UT will own the balance 49 percent stake,” said the release. The DNHDD will have a customer base of 1.5 lakhs, annual sales of 9 billion units of power and annual revenue of about Rs 4,500 crore, it added.
“Over the course of the coming months, Torrent Power will strive to bring in a significantly better customer experience through improved reliability, operational efficiency and customer service,” said Varun Mehta, executive director, distribution of Torrent Power. According to the statement, with this takeover, Torrent Power will now have a total customer base of 3.8 million across 12 cities and annual sales of 24 billion units of power and a peak demand of 5,000 MW across its licensed and franchised areas in Gujarat, Maharashtra, Uttar Pradesh and Dadra and Nagar Haveli, Daman and Diu.
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