Torrent Power Limited entered into a Share Purchase Agreement to acquire Surya Vidyut Limited from CESC Limited, Haldia Energy Limited and other nominal shareholders for INR 3.2 billion.

Torrent Power Limited (NSEI:TORNTPOWER) entered into a Share Purchase Agreement to acquire Surya Vidyut Limited from CESC Limited (NSEI:CESC), Haldia Energy Limited and other nominal shareholders for INR 3.2 billion on September 21, 2021. The consideration is subject to such adjustments as may be mutually agreed in terms of the SPA (Closing Price Adjustments. CPA).

Enterprise Value estimated for this acquisition is about INR 7.9 billion, subject to closing price adjustments. Torrent Power Limited will pay the consideration in Cash. The audited turnover of Surya Vidyut for the year ended March 31 2021 was approximately INR 1.17 billion.

The acquisition is subject to customary conditions for transaction closure. The transaction is expected to complete 60 days from signing of the agreement.