Torrent Power Board approves merger with Torrent Cables.

Torrent Power Board recently approved an amalgamation of Torrent Energy, a wholly owned subsidiary of the company and Torrent Cables with itself.

'A composite scheme of amalgamation between Torrent Energy Limited (TEL), a wholly owned subsidiary of the company, and Torrent Cables Limited (TCL) with the company (Scheme) was recommended by the Audit Committee and approved by the Board of Directors of the Company,' Torrent Power said in a statement.

The appointed date of the scheme would be April 1, 2014. All assets and liabilities of TEL and TCL are to be transferred and vested in the Torrent Power, that will issue its shares to the shareholders of TCL, based on the share exchange ratio determined by the valuer.


BS