MCN SELLS STAKE IN TORRENT POWER
The Detroit-based MCN Energy Group Inc, is selling its interest in Torrent Power Limited (TPL) to its partner, Torrent Group, for an undisclosed amount.
TPL holds a 36.78% interest in Ahmedabad Electricity Co; a 42.6% interest in Surat Electricity Co; and a 46.34% interest in Gujarat Torrent Energy Corp - all in Gujarat. "The sale of our TPL interests will allow us to redeploy that capital elsewhere, including domestic electric power projects in which we expect to invest more than $300m", said a company spokesman.