Torrent Power SEC Limited

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In 1996, India’s Torrent Group took over the management and operations of Torrent Power SEC Limited (TPSL) (formerly Surat Electricity Company Limited), an electricity distribution company covering the city of Surat in the Indian state of Gujarat, after it acquired 45% equity stake in the company from the Government of Gujarat. The company purchased its entire energy requirements from the Gujarat Electricity Board. As of December 2005, TPSL distributed power to 0.48 million customers in the city of Surat. TPSL was incorporated in 1920 by Killick Nixon Limited, a British company, after it acquired license in 1918 under Indian Electricity Act, 1910. After the abolition of the managing agency system in India, Killick Nixon ceased to be managing agents of the Company and in 1971; TPSL became an independent company managed by the Board of Directors. From 1971 to 1996 the Company was managed by the Board of Directors consisting inter alia, nominees of financial institutions and Government of Gujarat. None None