Torrent Power Limited has announced the incorporation of a wholly-owned subsidiary, Torrent Urja 18 Private Limited (TU18), on July 30, 2024. This strategic move positions the company to actively participate in the burgeoning hydrogen and renewable energy sectors.
TU18 has been established with a broad scope of operations encompassing the manufacturing, processing, and distribution of hydrogen, its derivatives, and related products. The subsidiary will also engage in the generation, transmission, and distribution of power, with a specific focus on non-conventional and renewable energy sources. This comprehensive business model allows Torrent Power to explore various opportunities within the energy landscape and contribute to a sustainable future.
The initial investment in TU18 amounts to ₹1,00,000, representing 10,000 equity shares with a face value of ₹10 each. While this is a relatively modest initial outlay, it marks the commencement of Torrent Power’s foray into a potentially high-growth and lucrative market segment. As the company expands its operations and ventures into new projects, the investment is expected to increase accordingly.
By establishing TU18, Torrent Power demonstrates its commitment to diversifying its business portfolio and aligning with global trends towards cleaner and more sustainable energy solutions. The company’s entry into the hydrogen and renewable energy domains is a significant step forward and positions it as a key player in the evolving energy landscape.
During Q1 FY25, Torrent Power had an aggregate installed generation capacity of 4,415 MWp, comprising 2,730 MW of gas-based capacity, 1,323 MWp of renewable capacity, and 362 MW of coal-based capacity. Further, 3,077 MWp of renewable projects are under development. Total generation capacity, including projects under advanced stages of development, is 7,492 MWp.
Torrent distributes ~30 billion units to over 4.13 million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, and Dholera SIR in Gujarat, the Union Territory of Dadra and Nagar Haveli and Daman and Diu (DNH & DD), Bhiwandi, Shil, Mumbra, and Kalwa in Maharashtra, and Agra in Uttar Pradesh.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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