The company outbid firms like Adani Transmission, CESC and ReNew Power who submitted price bids
New Delhi: Torrent Power has emerged as the highest bidder for majority stake in electricity distribution companies of Dadra Nagar Haveli and Daman & Diu by quoting a winning price of Rs 555 crore, sources said.
The company outbid firms like Adani Transmission, CESC and ReNew Power who submitted price bids, the sources said. "The winning bid is three times the reserve price of Rs 151 crore," they said. A formal announcement by Torrent Power and nodal agency PFC Consulting Ltd is expected soon.
Dadra Nagar Haveli and Daman & Diu have a high concentration of industrial and commercial units constituting over 90% electricity consumers.
These are the first power distribution companies among the Union Territories that are proposed to be privatised under the government's Atma Nirbhar Bharat scheme. Privatisation of electricity discom of Chandigarh has been slowed due to opposition from various sections.
Finance minister Nirmala Sitharaman had in May last year announced privatisation of electricity distribution business of Union Territories as a model for emulation by other utilities across the country.
PFC Consulting Ltd, an arm of Power Finance Corp, has been appointed as the nodal agency for bidding processes. SBI Caps is the bid organiser for Dadra Nagar Haveli and Daman & Diu.