Torrent Power has entered into a fresh MoU with the Government of Maharashtra

Torrent Power is a big company in India that deals with making and delivering electricity. They do everything from making the power to sending it out to homes and businesses. They also make and sell power cables to help keep everything running smoothly. A new agreement was signed by Torrent Power Ltd. and the Department of Water Resources of the Maharashtra state government to establish a pumped storage project with a 5,600 megawatt total capacity, as opposed to the 5,700 megawatts that had been intended. A prior Memorandum of Understanding (MoU) with the Maharashtra Department of Energy in June 2023 set the total capacity at 5,700 megawatts.

Maharashtra government and Torrent Power and valuation of Rs. 2.14 lakh crore:

On Tuesday, the Maharashtra government and seven energy companies signed a memorandum of understanding (MoU) valued at Rs 2.14 lakh crore for a pumped storage project aimed at producing hydroelectric power. At Sahyadri Guest House here, the Maharashtra government signed an agreement with NTPC, Wellspun New Energy, NHPC, Renew Hydro Power, THDC India, Torrent Power, and Adani Green Energy.

Deputy Chief Minister Devendra Fadnavis stated during his speech on this occasion that, as a result, the state will create over 72,000 jobs, generate 40,870 megawatts of energy, and invest Rs 2.14 lakh crore. He claimed that this agreement will expedite the state’s mission to reach a $3 trillion economy. According to Fadnavis, this agreement will result in the generation of an extra 40,870 megawatts of electricity in addition to the current 46,000 MW.

Stock price of Torrent Power:

The share price of Torrent Power is currently trading at Rs. 1,700.45, down almost 1%, but by the end of the day, the stock should see a positive move.

Conclusion: the Maharashtra government and Torrent Power have maintained their agreement, which was recently revised from 5700 to 5600 megawatts for a pumped storage project.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.