Torrent Power shares rise 9% on signing MoU with Maha govt for hydro projects

The company signed the MoU for the development of three pumped storage hydro projects of 5,700 MW capacity in the state of Maharashtra. The projects would entail an investment of about Rs. 27,000 crore and would provide employment to approximately 13,500 people during the construction period.

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Torrent Power share price rose 9 percent in early trade on June 7 as the company signed an MoU with the Maharashtra government for three pumped storage hydro projects.

Torrent Power signed a Memorandum of Understanding for the development of three pumped storage hydro projects of 5,700 MW capacity in the state of Maharashtra. The projects would entail an investment of about Rs. 27,000 crore and would provide employment to approximately 13,500 people during the construction period.

Torrent intends to execute these projects over a period of 5 years.

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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.

At 09:28 hrs Torrent Power was quoting at Rs 659.70, up Rs 48.05, or 7.86 percent and touched a 52-week high of Rs 666 on the BSE.