Torrent AEC, SEC and TPGL merge into 'Torrent Power Limited'
Ahmedabad, Mar 23 (UNI) As per the Torrent Group's strategic plan to consolidate the functioning of three power companies into a single entity, the Board of Directors of the companies have approved the new identity ---Torrent Power Limited.
Three companies merged together are Torrent Power AEC Ltd (TPAL), Torrent Power SEC Ltd (TPSL) and Torrent Power Generation Ltd (TPGL), a release issued here today said.
TPAL, earlier known as Ahmedabad Electricity Company (AEC), was an integrated power generation, transmission and distribution company in and around Ahmedabad; SEC, a transmission and distribution company in Surat; and TPGL was jointly promoted by TPAL and TPSL and Torrent Private Limited for setting up a 1,100 MW combined cycle power plant near Surat.
The board of directors of the three power companies approved the merger at their respective meetings yesterday, endorsing the recommendation of the three committees constituted on January 24 last to suggest suitable business module for reorganisation and restructuring.
The board of the three companies also approved exchange ratios under the merger plan.
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