Torrent Power picks up stakes in Newzone India, its holding firm for Rs 211 cr

New Delhi, Sep 23 (PTI) Torrent Power on Tuesday said it has acquired stakes in Newzone India Pvt Ltd and its holding company Newzone Power Projects Pvt Ltd for around Rs 211 crore.

Newzone Power Projects Pvt Ltd (NZPPPL) is the holding company of Newzone India Pvt Ltd (NZIPL), Torrent Power said in an exchange filing.

It has acquired "11,95,110 equity shares of NZIPL and 30,00,000 equity shares NZPPPL of face value of Rs 10 each at a total consideration aggregating to Rs 211 crore...," the company said.

With this move, it has acquired 100 per cent Equity Share capital of NZPPPL and 49 per cent of NZIPL from the seller. The acquisition has been made with the objective of implementing the thermal power project on the land in the possession of the NZIPL in the Annupur District of Madhya Pradesh. PTI ABI ABI MR