Torrent Power on Tuesday said it has received a Letter of Intent (LoI) to acquire 51 per cent equity stake in Dadra and Nagar Haveli and Daman/and Diu Power Distribution Corporation Ltd.

The company is to be incorporated for holding assets of the Electricity Department, Daman and Diu and DNH Power Distribution Corporation Ltd related to electricity distribution business.

It will be responsible for distribution and retail supply of electricity and will hold distribution license in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.

“The Electricity Department, UT Administration of Dadar & Nagar Haveli and Daman & Diu have issued a Letter of Intent dated February 07, 2022 to the company for selecting the company, pursuant to its bid, to purchase 51 per cent shares in Dadra and Nagar Haveli and Daman / and Diu Power Distribution Corporation Ltd…,” a regulatory filing said