Torrent Power buys 49% stake in Newzone India, 100% in Newzone Power for ₹211 cr

Torrent Power has acquired 11,95,110 equity shares of Newzone India (NZIPL) and 30,00,000 equity shares Newzone Power Projects, the holding company of NZIPL (NZPPPL), for ₹211 crore, according to an exchange filing.

“The company has acquired 11,95,110 equity shares of Newzone India Private Limited (NZIPL) and 30,00,000 equity shares Newzone Power Projects Private Limited, holding company of NZIPL (NZPPPL), of face value of ₹ 10 each at a total consideration aggregating to ₹ 211 crore, representing 49% equity shares of NZIPL (51% of equity shares were already held by NZPPPL) and 100% equity shares of the NZPPPL from Sarawagi Family and related HUFs (“the Seller”) on today,” Torrent Pharma said in an exchange filing.

Torrent Power reported a 26% fall in its first-quarter net profit to ₹742 crore, which the company attributed to lower demand for power due to an early onset of monsoon, in tandem with lower gas prices, which impacted merchant gains from gas-based generation. This corresponded to a 12% drop in first-quarter revenue to ₹7,096 crore.