Torrent Power secures three hydro projects from Maharashtra Govt; Stock hits 52-week high

Torrent Power Limited stocks hit 52-week high on Wednesday as the company has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra for development of three Pumped Storage Hydro Projects of 5,700 MW capacity in the State of Maharashtra. 

According to the filing, the projects would entail an investment of about Rs 27,000 crore and would provide employment to approx. 13,500 people during the construction period. Torrent intends to execute these projects over a period of 5 years, the company said.

Further, the projects would be executed at three sites identified by Torrent namely Karjat (3,000 MW) in Raigarh District, Maval, (1,200 MW) and Junnar (1,500 MW) in Pune District. All the sites are off-stream and the projects are planned to provide a minimum of six hours of energy storage on a daily basis, the company said in a statement on Tuesday.

At around 1:05 PM, the shares of the company were trading higher by 7.39% at Rs656.85 per share, after hitting 52-week high at Rs666 per share on the BSE.

Source: Media reports