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Torrent Power SEC Limited
     Overview

The TORRENT POWER SEC is a part of the Rs. 29 billion Torrent Group.

A power utility distributing power to about 0.44 million customers in 52 sq km of its license area in the city of Surat.

Killick Nixon and Calender’s Cable and Construction company were granted license in 1918 under Indian Electricity Act, 1910. The Company was incorporated and registered at Bombay on June 22, 1920 and the said license was assigned to the company. SEC operated under this license until 1968, after which it became a sanction holder and is now a deemed licensee.

After the abolition of the managing agency system in India, Killick Nixon ceased to be managing agents of the Company and in 1971, SEC became an independent company managed by the Board of Directors. From 1971 to 1996 the Company was managed under the superintendence, control and direction of the Board of Directors consisting inter alia, nominees of financial institutions and Government of Gujarat.

In 1996 the promoters of the Torrent Group took control over the management of the Company.

During the last two years, the company has laid special emphasis on the reduction of Transmission and Distribution (T & D) losses which is an anathema for the Indian power sector. The efforts of the company have borne fruits with the T&D loss of the company being one of the lowest in the country (10.5% for April-December 2004)

The Company has been purchasing its entire energy requirements from the Gujarat Electricity Board. In order to become self reliant, the Company together with Torrent Power AEC Limited and Torrent Private Limited has promoted a Special Purpose Vehicle called ‘Torrent Power generation Limited’ (TPGL) to set up 1147.5 MW gas based combined cycle power plant. The TPGL plant is located near the sources of natural gas/ LNG. All Major gas pipelines are also in the vicinity of the project location.

TORRENT POWER SEC has committed an investment of up to Rs. 250 Crores in the Equity Capital of TPGL and has also signed a long term Power Purchases Agreement with TPGL to purchase 50% of its power generation capacity and energy.

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