Amalgamation to prop up Torrent's financials.
Economic Times (New Delhi, India), March, 2006
Mar. 26--Torrent group's decision to amalgamate its power distribution and generation businesses brings different group companies under one umbrella, but benefits to shareholders will be clear only when the new company gets listed. The merger is a bit complex since it involves two listed entities and one unlisted power generation company being merged with an unlisted company. To top it all, a capital reduction exercise will also be implemented in the consolidated entity.
Torrent Power AEC and Torrent Power SEC are the listed entities, which are power distribution companies and also have a generation capacity of 500MW. Torrent Power Generation (TPGL) is the unlisted entity and is implementing a 1,100MW power project. AEC's and SEC's existing capacities are...
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