Torrent Power Limited has informed the Exchange about Acquisition of equity shares of Newzone India Private Limited and Newzone Power Projects Private Limited.
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Torrent Power has acquired 100% of Newzone Power Projects Private Limited (NZPPPL) and 49% of Newzone India Private Limited (NZIPL) from the Sarawagi Family for a total cash consideration of ₹211 Crore. Since NZPPPL already held 51% of NZIPL, Torrent Power now effectively controls 100% of both entities. NZIPL holds approximately 922 acres of land in Annupur District, Madhya Pradesh, which is suitable for setting up a coal-based thermal power plant. Neither company has any turnover, and the acquisition is not a related party transaction. The deal is expected to be completed within 4 months.
This acquisition supports Torrent Power's expansion plans in thermal power generation, giving it access to a large land bank for a new coal-based power project. The ₹211 Crore cash outlay is modest relative to Torrent Power's size, and the move is aligned with its core business, potentially adding future generation capacity and long-term revenue visibility.