In November 2021, the union cabinet chaired by PM Modi approved the formation of a special purpose vehicle to privatise electricity distribution in Dadra and Nagar Haveli. Torrent Group was the highest bidder and acquired 51 percent stake in the power distribution companies in Dadra and Nagar Haveli and Daman and Diu.
In January 2024, the Torrent group signed four memorandums of understanding with the Gujarat government to invest Rs 47,350 crore in power distribution, green hydrogen and solar energy in the state.
A month later, Modi laid the foundation stone for Torrent’s four power projects in Uttar Pradesh at an investment of about Rs 25,000 crore. The projects included two pumped storage hydro projects, a solar power plant, and a pilot green hydrogen production facility.
In March 2024, Torrent was awarded a contract by the NTPC Vidyut Vyapar Nigam to supply 388 million units of electricity from its distribution generation plan in Gujarat’s Dahej.
This report is part of a collaborative project involving three news organisations – Newslaundry, Scroll, The News Minute – and independent journalists.
Project Electoral Bond includes Aban Usmani, Anand Mangnale, Anisha Sheth, Anjana Meenakshi, Ayush Tiwari, Azeefa Fathima, Basant Kumar, Binu Karunakaran, Dhanya Rajendran, Divya Aslesha, Jayashree Arunachalam, Jisha Surya, Joyal George, M Rajshekhar, Maria Teresa Raju, Nandini Chandrashekar, Neel Madhav, Nikita Saxena, Parth MN, Pooja Prasanna, Prajwal Bhat, Prateek Goyal, Pratyush Deep, Ragamalika Karthikeyan, Raman Kirpal, Ravi Nair, Rokibuz Zaman, Sachi Hegde, Safwat Zargar, Shabbir Ahmed, Shivnarayan Rajpurohit, Siddharth Mishra, Sumedha Mittal, Supriya Sharma, Tabassum Barnagarwala and Vaishnavi Rathore.