MUMBAI – Torrent Power Limited (NSE: TORNTPOWER, BSE: 532779) has announced the acquisition of two companies in a strategic move to facilitate the development of a new thermal power project.
The company has acquired Newzone India Private Limited (NZIPL) and its holding company, Newzone Power Projects Private Limited (NZPPPL), for a total cash consideration of ₹211 crore.
In a regulatory filing, Torrent Power confirmed it acquired 100% of the equity shares of NZPPPL and the remaining 49% of NZIPL from the Sarawagi Family and related HUFs.
Prior to this transaction, NZPPPL already held a 51% stake in NZIPL, meaning this deal gives Torrent Power complete control over both entities.
The transaction is expected to be completed within an indicative timeframe of four months.
The primary objective of the acquisition is to gain control of approximately 922 acres of land held by NZIPL, located in the Annupur District of Madhya Pradesh.
This land parcel, comprising both private and government-leased land, has been identified as suitable for setting up a coal-based power plant.
This acquisition is a direct step towards implementing that project, aligning with Torrent Power’s business in the electricity generation industry.
According to the company’s disclosure, the acquired entities have no other significant assets apart from the land. Furthermore, both NZIPL and NZPPPL have reported no turnover for the last three years, indicating they were special purpose vehicles primarily for holding the land asset.
Torrent Power has confirmed that the acquisition does not fall within related-party transactions and that no specific governmental approvals were required for the purchase.
This disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The filing was signed on behalf of Torrent Power Limited by Rahul Shah, Company Secretary & Compliance Officer.
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