Torrent Power along with Blue Daimond Properties and Balrampur Chini Mills (the sellers) completed the acquisition of 100% stake of Visual Percept Solar Projects.
Torrent Power, last Thursday, had announced that it has entered into a share purchase agreement with Blue Daimond Properties and Balrampur Chini Mills for the acquisition of 100% equity share Capital of Visual Percept Solar Project.
Visual Percept Solar Project operates 25 MW solar power in Gujarat. Torrent Power further said that the Long-term Power Purchase Agreement (PPA) for the project is with Gujarat Urja Vikas Nigam for a period of 25 years. The enterprise value estimated for the acquisition was Rs 163 crore.
The equity shares in Visual Percept Solar Projects was held by Blue Daimond Properties (55%) and Balrampur Chini Mills (45%).
Torrent Power's consolidated net profit jumped 14.8% to Rs 369.45 crore on a 27.6% surge in net sales to Rs 3,767.43 crore in Q3 FY22 over Q3 FY21.
Shares of Torrent Power traded 0.86% lower at Rs 478.20 on BSE. Torrent Power is the integrated power utility of the Torrent Group and is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission and distribution.
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