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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