Torrent Power has acquired stakes in Newzone India (NZIPL) and its holding company Newzone Power Projects (NZPPPL) for around Rs 211 crore. NZPPPL is the holding company of NZIPL.
It has acquired 11,95,110 equity shares of NZIPL and 30,00,000 equity shares of NZPPPL of face value of Rs 10 each. With this move, it has acquired 100 per cent Equity Share capital of NZPPPL and 49 per cent of NZIPL from the seller. The acquisition has been made with the objective of implementing the thermal power project on the land in the possession of the NZIPL in the Annupur District of Madhya Pradesh.
Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.
