Torrent Power Buy Newzone Entities for ₹2.1 Billion to Set Up Thermal Project in Madhya Pradesh

Torrent Power Ltd. on Tuesday said it has acquired 100% stake in Newzone Power Projects Pvt. Ltd. and 49% in its subsidiary Newzone India Pvt. Ltd. for a total consideration of ₹2.1 billion from the Sarawagi family and related Hindu Undivided Family.

Torrent Power plans to implement its thermal power project on land owned by Newzone India at Annupur, Madhya Pradesh, the company said in an exchange filing.

Newzone India owns around 922 acres, comprising private and government-leased land, which is suitable for a coal-based power plant. Both Newzone Power Projects and Newzone India were incorporated for energy generation but have had no turnover in the past three years, the company added.