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Torrent Power Limited has successfully finalized a Share Purchase Agreement to acquire 100% of the equity share capital of Solapur Transmission Limited (STL), a move announced on March 20, 2024. The acquisition, valued at the shares’ face value of ?10 each, represents a strategic expansion for Torrent Power in the power transmission sector.
STL, yet to commence its operations, is poised to develop a Transmission System for the evacuation of power from renewable energy projects in Solapur’s 1500 MW SEZ in Maharashtra. This acquisition aligns with Torrent Power’s strategic focus on strengthening its presence in the transmission business.
STL was established on December 14, 2023, and has an authorized and paid-up share capital of ?1,00,000, without any turnover to date as it has not yet begun business operations. The acquisition is not classified as a related party transaction, and no regulatory approvals were necessary for its completion. This step forwards Torrent Power’s efforts in the energy sector, particularly in power transmission services, without any disclosed interest from promoters or related groups in STL. |
