The deal includes 11,95,110 shares of NZIPL, representing 49% equity, and 30 lakh shares of NZPPPL, representing full ownership, from the Sarawagi family and related HUFs. Since NZPPPL already owned 51% of NZIPL, Torrent Power now becomes the effective owner of both companies.
NZIPL controls about 922 acres of land—spread across private and government-leased parcels—in Madhya Pradesh’s Annupur district, earmarked for a proposed thermal power project. Both companies have no other assets and have reported no turnover in the past three years.
Torrent Power clarified that the acquisition, which was executed on a cash basis, does not fall under related-party transactions. The deal is expected to close within four months. NZIPL was incorporated in October 1999 and NZPPPL in February 2008, both with the stated objective of power generation.
Q1 Performance Snapshot
The company reported a 24.7% decline in net profit at Rs 731 crore for the first quarter over Rs 972 crore in Q1FY25. Revenue from operations fell 12.5% to Rs 7,906 crore from Rs 9,033 crore a year ago. At the operating level, EBITDA tanked 20.2% to Rs 1,483 crore in the first quarter of this fiscal over Rs 1,857 crore last year. The EBITDA margin fell to 18.7% from 20.6% year-on-year
Torrent Power shares ended at Rs 1,278.4, higher by 0.77% from the last close on the NSE. Shares of the company have declined over 16% in the last six months.
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