Torrent Power Inks MoUs with Gujarat Government, Sparks Surge in Shares

Torrent Power Limited witnessed a surge of 7.67 per cent in its shares following the announcement of the company's signing of four non-binding Memorandums of Understanding (MoUs) with the Gujarat government during the 10th edition of the Vibrant Gujarat Global Summit.

The MoUs, entered into with the Gujarat Energy Development Agency (GEDA), outline proposed investments amounting to ₹47,350 crore (approximately $5.70 billion). These investments are designated for sectors such as renewable energy, green hydrogen, and power distribution, with the overarching goal of significantly contributing to the state's development and generating substantial employment opportunities.

Samir Mehta, Chairman of Torrent Group, emphasized the company's commitment to contributing to nation-building by aligning its plans with national priorities in the sectors it operates in. Mehta stated, "In line with this philosophy, Torrent Power intends to make a significant portion of its future investments across key national priorities of renewable generation, pump storage hydro projects, green hydrogen / green ammonia production, and power distribution. It is a matter of great pride for the Torrent Group to be associated with the Vibrant Gujarat Global Summit since its first edition and contribute towards the development of the State." The strategic alignment of Torrent Power's investment plans with national priorities underscores the company's dedication to sustainable development and aligning with key sectors crucial for the country's progress.

HBL