On Friday, Torrent Power had announced a formal takeover of the power distribution operations in the Union Territories (UTs) of Dadra & Nagar Haveli, Daman and Diu, one of the first UTs to be privatized under the government’s program.

Torrent Power will now serve around 150,000 customers in the UTs through a newly formed entity Dadra and Nagar Haveli and Daman and Diu Power Distribution Corporation Limited (DNHDD Power Distribution Company).

The new entity will see Torrent Power own 51 per cent stake while the administrator of the UT of Dadra & Nagar Haveli, Daman and Diu will own the balance 49 per cent stake.

• Transrail Lighting Bags Rs 459 Cr MENA Transmission Orders
• Kotak Mahindra Bank Hikes DCC Fee to 3.5% from August
• Jubilant Pharmova Arm Gets USFDA Nod for Antacid Drug
• TVS Motor Jumps 3.75% as NTORQ 125 Gets New Colours
• Fortis Healthcare Falls 2.25% as Delhi Govt Orders Probe

With a customer base of around 150,000, the newly formed DNHDD Power Distribution Company will have annual sales of 9 billion units of power and annual revenue of about Rs 4,500 crore.