### **Overview** **Torrent Power Limited (TPL)** is one of India’s leading **privately-owned, fully integrated power utilities**, operating across the entire energy value chain—**power generation, transmission, and distribution**. It is part of the diversified **Torrent Group**, which also includes Torrent Pharmaceuticals (the group’s flagship), Torrent Gas, and ventures in electricals and diagnostics. The group’s total revenue is approximately **₹45,000 crores (~USD 5.2 billion)**. Torrent Power is distinguished by its **high operational efficiency, lowest-in-class distribution losses**, and a strong focus on **clean energy transition**, digital transformation, and strategic expansion into new growth corridors like transmission and green hydrogen. --- ### **Core Business Segments** #### **1. Power Distribution – Market Leadership with Exceptional Efficiency** Torrent Power is the **licensed electricity distributor** in key urban and industrial clusters across three states and one Union Territory: - **Gujarat**: Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Dholera Special Investment Region (DSIR), Mandal Becharaji SIR (MBSIR) - **Union Territory**: Dadra & Nagar Haveli and Daman & Diu (DNH & DD) It also operates as an **electricity distribution franchisee** in: - **Bhiwandi, Agra, and Shil-Mumbra-Kalwa (SMK)** under the **Input-Based Distribution Franchisee (IBDF)** model. - **Licensed Footprint**: ~2,050 sq km - **Franchised Footprint**: ~1,007 sq km - **Total Customers Served**: **Over 4.21 million** - **Annual Electricity Distribution**: **~31 billion units** - **Regulatory Framework**: Cost-plus tariff model (GERC in Gujarat and JERC in DNH & DD) with performance-linked incentives and post-tax Return on Equity (RoE) of 14–16%. **Performance Highlights**: - **Distribution losses (AT&C)**: - **Licensed Areas**: **1.46%–2.34%**, **among the lowest in the world** (vs. normative ~3%) - **Franchised Areas**: Improved from >58% in 2010 to **6.94% in Agra** - **Reliability**: 24x7 power supply in licensed areas with >99.9% availability - **DSIR & MBSIR**: Second electricity licensee in **920 sq km Dholera SIR** (DMIC project). MBSIR license secured but under legal challenge. - **Franchise Model Success**: Bhiwandi was India’s **first private distribution franchise**; Agra and SMK show strong recovery post-turnaround. --- #### **2. Power Generation – Clean Energy Focused Portfolio** Torrent Power has built a diversified and increasingly **clean generation portfolio** with **low-emission assets**. - **Total Generation Capacity (Operational + Under Construction/PPA)**: **~7,992 MWp** - **Clean Fuel Share**: **>95%** (natural gas + renewables) - **Operational Installed Capacity**: ~4.9 GWp | **Source** | **Capacity** | |--------------------|---------------------------------------------| | **Gas-Based Thermal** | 2,730 MW (3 plants: SUGEN, UNOSUGEN, DGEN) | | **Coal-Based** | 362 MW (AMGEN plant, Ahmedabad) | | **Wind Power** | 921 MW (operational); ~2,581 MW (total pipeline) | | **Solar Power** | 825 MW (operational); ~3,150 MW under development | | **Pumped Hydro Storage (PSP)** | **3 GW committed**, 2 GW secured via PPAs, targeting 8.4 GW | **Key Projects & Initiatives**: - **3,000 MW / 18,000 MWh PSP in Raigad, Maharashtra** via Torrent PSH3 Pvt. Ltd. - **Pumped Hydro Sites**: 4 sites in Maharashtra and Uttar Pradesh (8,350 MW total potential) with in-principle approval. - **Renewable Projects**: - 306 MW solar under MSKVY 2.0 in Maharashtra (PPA with MSEDCL) - 450 MW hybrid project in Gujarat (825 MWp wind+solar; commissioning FY27) - 250 MWp hybrid project in Gujarat (progressive commissioning FY26) **Strategic Goal**: Achieve **10 GW of renewable energy capacity by 2030**, supported by >3 GWp under construction. --- #### **3. Transmission – Strategic Expansion into Low-Risk Infrastructure** Torrent Power is **actively expanding into transmission** through tariff-based competitive bidding (TBCB) and brownfield opportunities, leveraging strong regulatory frameworks and limited counterparty risk. - **Key Subsidiary**: Torrent Power Grid Limited (TPGL) - **Ongoing Projects**: - **Khavda Transmission Project (Gujarat)**: 60 km 400 kV D/C line to evacuate 4.5 GW of renewable power; Regulated tariff with **15% post-tax RoE**. - **Solapur Transmission Project (Maharashtra)**: 44 km 400 kV D/C line to evacuate 1.5 GW; BOOT model, 35-year concession; PPA with MSEDCL. - **Total Investment**: **~₹1,300 crore** - **Existing Transmission Network**: 355 km (400 kV) + 128 km (220 kV) D/C lines --- #### **4. Green Energy & Emerging Technologies** Torrent Power is a **first mover in India’s clean energy transition**, with strategic bets on: - **Green Hydrogen & Green Ammonia**: - Won **18,000 tonnes/year (KTPA) PLI scheme** under SIGHT Mode-I - In-principle approval for **17,000 acres in Gujarat** for integrated green H₂ & NH₃ facility - **Pilot project**: Blending **2–2.5% green hydrogen with natural gas** in **Gorakhpur CGD network**—one of India’s largest such initiatives - Exploring domestic & export markets for green fuels - **LNG Procurement Strategy**: - **One of the first Indian power companies to directly import LNG** - 1 MTPA storage & regasification capacity at Petronet LNG’s Dahej terminal - Actively managing LNG price volatility risks - **Smart Grid & Digital Transformation**: - Deployment of **GPRS-based smart metering** with 90%+ communication success - Developed **compact 11 kV Ring Main Units (RMU)** with integrated metering - Launched **'Plug Points'** (physical + **virtual plug points** via video) for customer service - >74% digital payments and SAP-based CRM integration --- #### **5. Leadership & Governance** - **Vice-Chairman & MD**: **Jinal Mehta** (since June 2024), with over 18 years of leadership in power operations. Under his leadership: - Expansion into new license areas (DSIR, MBSIR, DNH & DD) - Network modernization and AT&C loss reduction - Accelerated renewable capacity addition - **Strategic Vision**: Strengthen integrated value chain, enhance customer-centricity, and lead India’s clean energy transition. --- ### **Financial & Strategic Positioning** #### **Financing & Capital Raising** - **Maiden QIP (Jul 2025)**: Raised **₹3,500 crore**, **4x oversubscribed**, with strong institutional participation. - **Capex Plan**: - **₹570 crore** over 5 years for MBSIR - **₹1,200 crore** over 10 years for DSIR - ~**₹25,000 crore** committed to pumped hydro and green energy projects #### **Growth Strategy** 1. **Expand Generation**: - 10 GW renewable by 2030 via solar, wind, hybrid, and RTC projects - Develop 8.4 GW pumped hydro - Explore new coal projects for competitive bidding and captive supply 2. **Distribution Expansion**: - Target privatization and franchise opportunities (e.g., potential in Uttar Pradesh) - Leverage government push for delicensed distribution and open access 3. **Transmission Growth**: - Selective participation in inter-state and intra-state TBCB projects - Brownfield acquisitions 4. **Sustainability & Innovation**: - Pioneer green hydrogen and ammonia - Advance energy storage and smart grid technologies --- ### **Key Competitive Advantages** - **Lowest AT&C losses in India**, globally benchmarked - **Integrated model** across generation–transmission–distribution with synergies - **Regulated returns** in distribution and transmission with risk mitigation - **Early-mover advantage** in LNG, PSP, and green hydrogen - **Proven turnaround capability** in underperforming franchise zones - **Strong regulatory track record** and investor confidence (QIP success) ---