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Torrent Power Ltd. has entered into a share purchase agreement for the 100% acquisition of Surya Vidyut Ltd., a wholly owned subsidiary of CESC Ltd.
These transactions are usually good for one and not for the other; However, in this case, it is beneficial to both due to the difference in their strategic intentions: Torrent Power wanted to add renewable energy capacity without participating in highly competitive tenders, while CESC aims to grow its distribution business and move away from Generation. RE.
In addition, CESC will receive a higher value than attributed to these low internal rate of return assets.
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