Anil Agarwal’s Vedanta group, Torrent Power and state run Neyveli Lignite Corp have joined the race for acquiring a controlling stake in GMR Energy’s 1,370MW plant in Chhattisgarh.
Electricity consumers in Ahmedabad, Gandhinagar and Surat may have to cough up more as Torrent Power Limited (TPL) has sought permission to increase power rates. The company claims that it needs higher rates to recover its past under-recoveries.
Torrent Power today said its shareholders have approved a proposal to raise up to Rs 1,500 crore through issuance of secured, redeemable, non-convertible debentures (NCDs).
The power sector, which acts as the backbone of an economy, is undergoing a significant change with sustained economic growth continuing to drive electricity demand in India.