Torrent's Mega Power Play: Rs 26,500 Crore Investment in MP

Indian multinational conglomerate Torrent Group has committed an investment of Rs 26,500 crore in Madhya Pradesh to develop pump storage capacity. Torrent Power has signed a memorandum of understanding (MoU) with the state's renewable energy department to undertake this project.

"We've signed an MoU with the Madhya Pradesh government to establish a 2.2 GW pump storage capacity, along with an additional 2 GW of renewable energy capacity, including solar and wind. Madhya Pradesh presents significant potential in the energy sector, and its topography is well-suited for developing pump storage sites," stated Jigish Mehta, Director of Generation at Torrent Power. In addition to renewable energy, Torrent Group is also exploring investments in thermal energy in the state.

Currently, Torrent Power operates a total capacity of 4.2 GW, with 1.7 GW coming from renewable energy sources. The company is working on expanding its capacity by an additional 3 GW, with power purchase agreements (PPAs) already signed in Gujarat, Maharashtra, and Karnataka. Torrent is also constructing a pump storage plant in Maharashtra. Beyond energy, the Torrent Group has significant interests in pharmaceuticals and city gas distribution, including a pharmaceutical manufacturing plant located in Pithampur, Dhar district.

News by Rahul Yelligetti.