Torrent Power Limited - Power Plants and SWOT Analysis, 2017 Update
Torrent Power Limited - Power Plants and SWOT Analysis, 2017 Update
Summary
The report contains a detailed description of the power generation company’s business operations, history, corporate strategy, and business structure. This report contains a detailed SWOT analysis, information on key employees (executives), and major products and services.
Scope
Reasons to buy
Summary
The report contains a detailed description of the power generation company’s business operations, history, corporate strategy, and business structure. This report contains a detailed SWOT analysis, information on key employees (executives), and major products and services.
Scope
- Major Power Plants (assets) - summarized and detailed information about the power plants (assets).
- Operational Metrics (capacity, generation, revenue, sales, number of consumers).
- Business description - A detailed description of the company’s operations and business divisions.
- Corporate strategy - GlobalData’s summarization of the company’s business strategy.
- SWOT analysis - A detailed analysis of the company’s strengths, weakness, opportunities and threats.
- Company history - Progression of key events associated with the company.
- Major products and services - A list of major products, services and brands
- Key employees - A list of the key executives and personnel heading key departments/functions.
- Executive biographies - A brief summary of the executives’ employment history.
- Financial deals - Coverage of key financial deals from 2006 onwards, depending upon information availability
- Important locations and subsidiaries - A list of key locations and subsidiaries of the company, including contact details.
Reasons to buy
- Gain key insights into the company for academic or business research purposes. Key elements such as SWOT analysis, corporate strategy and major products and services are incorporated in the profile to assist in various business decisions (M&A and JV).
- Identify potential customers and suppliers with this report’s analysis of the company’s business structure, operations, major products and services and business strategy.
- Understand and respond to competitors’ business structure and strategies with GlobalData’s detailed SWOT analysis. In this, the company’s core strengths, weaknesses, opportunities and threats are analyzed, providing an up to date objective view of the company.
Company Snapshot
Key Information
Company Overview
SWOT Snapshot
Operational Metrics
Torrent Power Limited, Operational Metrics, By Capacity
Torrent Power Limited, Operational Metrics, By Customers
Torrent Power Limited, Operational Metrics, By Segmental Information
Torrent Power Limited, Operational Metrics, By Sales
Torrent Power Limited, Wind Farms
Torrent Power Limited, Wind Farms, India
Torrent Power Limited, Solar PV Parks
Torrent Power Limited, Solar PV Parks, India
Torrent Power Limited, Thermal Power Plants
Torrent Power Limited, Thermal Power Plants, India
Business Description
Business Overview
Major Products and Services
History
SWOT Analysis
Overview
Torrent Power Limited Strengths
Integrated Operational Network
Generation Portfolio
Cost Efficiency
Torrent Power Limited Weaknesses
Declining Net Working Capital
Torrent Power Limited Opportunities
Upcoming Project
Prospects for Growth in Demand for Electricity: India
Renewable Energy Initiatives: India
Torrent Power Limited Threats
Fluctuating Raw Material Prices
Intense Competition
Legal and Political Framework
Financial Ratios - Capital Market Ratios
Financial Ratios - Annual Ratios
Financial Ratios - Interim Ratios
Key Employees
Locations And Subsidiaries
Head Office
Other Locations & Subsidiaries
Financial Deals Landscape
Torrent Power Limited, Deals Summary
Torrent Power Limited, Power, Deal Details
Asset Transactions
Torrent Power to Acquire Solar and Wind Power Plants in Gujarat, India from Torrent Solargen for USD12 Million
Torrent Power To Invest US$221 Million For Wind And Solar Power Project In Gujarat, India
Merger
Torrent Cables to Merge with Torrent Power
Debt Offering
Torrent Power to Raise USD224.2 Million in Private Placement of Debentures
Recent Developments
Torrent Power Limited - Recent Developments
May 22, 2016: First e-bidding process through “ DEEP” Portal for short term power procurement results in substantive savings for Uttarakhand, Kerala, Bihar & Torrent Power
Dec 29, 2010: ETF Approves Four Power Projects Proposed By NTPC, THDC, Torrent Power And Welspun Energy In Uttar Pradesh, India
Jun 01, 2011: Torrent Power Plans To Foray Into Renewable Energy Sector
Mar 25, 2010: Torrent Power May Take Over Power Distribution System In Kanpur City, India
Feb 08, 2010: Torrent To Expand Sugen Power Plant's Capacity To 1,500 MW
Dec 14, 2009: Torrento power,GPCL signs agreement for coal based power plant
Dec 12, 2009: GPCL, Torrent Power To Set Up 1000+ Megawatt Coal Based Power Project In Gujarat India
Oct 01, 2009: Torrent Power To Enter Into Wind And Solar Power Generation In India
Sep 05, 2008: Torrent Power To Setup New Greenfield And Brownfield Projects
Feb 09, 2017: Torrent Power: Announces Q3 results & Limited Review Report for the Quarter ended December 31, 2016
Aug 02, 2016: Torrent Power announces Q1 Results (Standalone & Consolidated), Limited Review Report (Standalone & Consolidated) for the Quarter ended June 30, 2016
May 18, 2016: Torrent Power announces Q4 & FY16 Results, Form A & Auditors Report for the period ended March 31, 2016
Feb 02, 2016: Announces Q3 Results (Standalone & Consolidated), Limited Review Report (Standalone & Consolidated) for the Quarter ended December 31, 2015: Torrent Power
Oct 28, 2015: Torrent Power announces Q2 results & Limited Review Report for the Quarter ended September 30, 2015
Aug 04, 2015: Torrent Power Ltd: Announces Q1 results & Limited Review Report for the Quarter ended June 30, 2015
May 12, 2015: Torrent Power: Announces Q4 & FY15 results & Auditors Report for the period ended March 31, 2015
Jan 31, 2015: Torrent Power Ltd: Announces Q3 Results & Limited Review Report for Dec 31, 2014
Nov 04, 2014: Torrent Power reports its Q2 FY 2014-15 results
Jul 28, 2014: Torrent Power reports its Q1 FY 2014-15 results
May 13, 2014: Torrent Power Board recommends Dividend
May 13, 2014: Torrent Power Announces Q4 & FY14 results and Auditors' Report for March 31, 2014
May 12, 2014: Torrent Power reports its FY 2013-14 results
May 07, 2014: Torrent Power Board to consider Dividend
Jan 27, 2014: Torrent Power Announces Q3 results & Limited Review Report for the Quarter ended December 31, 2013
Oct 29, 2013: Torrent Power reports its Q2 FY 2013-14 results
Jul 25, 2013: Torrent Power reports its Q1 FY 2013-14 results
May 29, 2013: Torrent Power: Board recommends Dividend of Rs.10
May 29, 2013: Torrent Power: Announces FY13 Results and Auditors' Report for March 31, 2013
Jan 28, 2013: Torrent Power Reports Revenue Of INR19.1 Billion In Q3 Fiscal 2013
Oct 27, 2012: Torrent Power Reports Revenue Of INR21.4 Billion In Q2 Fiscal 2013
Jul 24, 2012: Torrent Power Reports Revenue Of INR20.8 Billion In Q1 Fiscal 2013
May 11, 2012: Torrent Power Reports Revenue Of INR74.8 Billion In Fiscal 2012
Jan 21, 2012: Torrent Power Reports Revenue Of INR18.6 Billion In Q3 Fiscal 2012
Oct 19, 2011: Torrent Power Reports Net Profit Of INR3.1 Billion In Q2 Fiscal 2012
Jul 29, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR18.8 Billion In Q1 Fiscal 2012
May 04, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR65.3 Billion In Fiscal 2011
Jan 24, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR14.7 Billion In Q3 Fiscal 2011
Oct 27, 2010: Torrent Power Reports Net Profit Of INR2.18 Billion In Q2 Fiscal 2011
Jul 31, 2010: Torrent Power Reports Total Income Of INR18.2 Billion For Q1 Fiscal 2010/11
May 16, 2010: Torrent Power Reports Net Sales Of INR43.15 Billion In Fiscal 2009
May 07, 2010: Torrent Power Reports Net Sales Of INR58.24 Billion In Fiscal 2010
Oct 30, 2009: Torrent Power Reports Net Sales Of INR14.29 Billion In Q2 Fiscal 2010
Oct 25, 2016: Torrent Power Issues Tender To Import 38 LNG Cargoes
Jul 18, 2016: Torrent Power announces significant reduction in FPPPA charge applicable in current quarter for its Consumers in Ahmedabad, Gandhinagar and Surat
Mar 19, 2016: Torrent Power Limited withdraws its Technical Bids for reverse e-auction of Gas by Ministry of Power scheduled on March 20, 2016
Oct 28, 2015: Torrent Power: Outcome of Board Meeting
Oct 19, 2015: Appointment of Director: Torrent Power
Aug 04, 2015: Torrent Power Ltd: Outcome of Board Meeting
Jun 23, 2015: India’s Uttar Pradesh state cancels Torrent Power's agreement to distribute electricity in Kanpur
May 13, 2015: Torrent Power: Resignation of Director
Mar 02, 2015: Resignation of Company Secretary: Torrent Power
Nov 26, 2014: Torrent Power completes commissioning of nearly 1200 MW gas based DGEN Mega Power Project
Sep 02, 2014: Torrent Power Announces Resignation of Director
Jul 30, 2014: Torrent Power Announces Appointment of Directors
May 13, 2014: Torrent Power Announces Outcome of Board Meeting
Apr 04, 2014: Announces Outcome of Board Meeting - Appointment of Director
Jan 27, 2014: Torrent Power: Outcome of Board Meeting - Resignation of Director
Sep 04, 2013: Torrent Power: Resignation of Director
Feb 28, 2013: Torrent Power: Appointment of Company Secretary & Compliance Officer
Aug 21, 2012: Torrent Power Energizes CTC Global’s ACCC Transmission Line In Ahmedabad, India
Jul 03, 2012: Uttar Pradesh Government In India To Allow 10 Power Projects To Import Coal
Oct 20, 2011: Torrent Power Appoints Jinal Mehta And V. K. Kukreja As Additional Directors
Aug 02, 2011: 20 Companies Submitted Bids For UMPP In Orissa, India: PFC Chairman
Jul 29, 2011: Torrent Power Appoints D. J. Pandian As Additional Director
Jul 05, 2010: PFC Postpones RFQ Bidding Deadline For 4,000MW Chhattisgarh UMPP In India
Apr 29, 2010: Torrent Power To Spend INR60 Billion For Establishing 1,200MW Gas-Fired Combined Cycle Power Project
Apr 02, 2010: Torrent Power Takes Control Of Power Distribution In Agra City, India
Mar 28, 2010: Torrent Power May Take Over Power Distribution In Agra City, India
Aug 17, 2009: GEDA Awards 365 MW Solar PV, 351 MW Solar Thermal Projects In Gujarat, India
May 26, 2009: UP Power Employees Express Dissent Against Torrent Power's Privatization Of Power Distribution
May 19, 2009: Uttar Pradesh Government Signs MoU With Torrent Power To Privatize Power Distribution
Mar 22, 2009: Torrent Power Appoints New Director
Dec 05, 2016: Torrent Power Ltd: Intimation of Renewal and Amendment Agreement to Distribution Franchise Agreement for Bhiwandi Circle
Mar 28, 2016: Intimation for execution of Contract by the Company: Torrent Power
Sep 18, 2015: Torrent Power and its subsidiaries win gas allocations
Jul 06, 2011: Doosan Signs $56m Contract With Torrent Power For Remodeling Of Sabarmati Thermal Power Plant
Jul 04, 2011: Siemens Water Secures Contract To Provide Water Treatment System For Torrent Power’s UNOSUGEN CCPP In Surat, India
Mar 31, 2011: Skoda Power Receives Contracts In Israel And India
Jul 02, 2010: Torrent Power Awards EPC Contracts To Siemens To Set Up 382.5MW Project At SUGEN And 1,200MW Project At Dahej, India
Apr 28, 2009: RIL Signs GSPA With Power Companies
Feb 24, 2009: Torrent Power Receives LoI From UPPCL For Power Supply Under KESCL
Appendix
Report Scope
GlobalData Coverage
Benchmarking
GlobalData’s Methodology
Secondary Research
Primary Research
Contact Us
Disclaimer
Key Information
Company Overview
SWOT Snapshot
Operational Metrics
Torrent Power Limited, Operational Metrics, By Capacity
Torrent Power Limited, Operational Metrics, By Customers
Torrent Power Limited, Operational Metrics, By Segmental Information
Torrent Power Limited, Operational Metrics, By Sales
Torrent Power Limited, Wind Farms
Torrent Power Limited, Wind Farms, India
Torrent Power Limited, Solar PV Parks
Torrent Power Limited, Solar PV Parks, India
Torrent Power Limited, Thermal Power Plants
Torrent Power Limited, Thermal Power Plants, India
Business Description
Business Overview
Major Products and Services
History
SWOT Analysis
Overview
Torrent Power Limited Strengths
Integrated Operational Network
Generation Portfolio
Cost Efficiency
Torrent Power Limited Weaknesses
Declining Net Working Capital
Torrent Power Limited Opportunities
Upcoming Project
Prospects for Growth in Demand for Electricity: India
Renewable Energy Initiatives: India
Torrent Power Limited Threats
Fluctuating Raw Material Prices
Intense Competition
Legal and Political Framework
Financial Ratios - Capital Market Ratios
Financial Ratios - Annual Ratios
Financial Ratios - Interim Ratios
Key Employees
Locations And Subsidiaries
Head Office
Other Locations & Subsidiaries
Financial Deals Landscape
Torrent Power Limited, Deals Summary
Torrent Power Limited, Power, Deal Details
Asset Transactions
Torrent Power to Acquire Solar and Wind Power Plants in Gujarat, India from Torrent Solargen for USD12 Million
Torrent Power To Invest US$221 Million For Wind And Solar Power Project In Gujarat, India
Merger
Torrent Cables to Merge with Torrent Power
Debt Offering
Torrent Power to Raise USD224.2 Million in Private Placement of Debentures
Recent Developments
Torrent Power Limited - Recent Developments
May 22, 2016: First e-bidding process through “ DEEP” Portal for short term power procurement results in substantive savings for Uttarakhand, Kerala, Bihar & Torrent Power
Dec 29, 2010: ETF Approves Four Power Projects Proposed By NTPC, THDC, Torrent Power And Welspun Energy In Uttar Pradesh, India
Jun 01, 2011: Torrent Power Plans To Foray Into Renewable Energy Sector
Mar 25, 2010: Torrent Power May Take Over Power Distribution System In Kanpur City, India
Feb 08, 2010: Torrent To Expand Sugen Power Plant's Capacity To 1,500 MW
Dec 14, 2009: Torrento power,GPCL signs agreement for coal based power plant
Dec 12, 2009: GPCL, Torrent Power To Set Up 1000+ Megawatt Coal Based Power Project In Gujarat India
Oct 01, 2009: Torrent Power To Enter Into Wind And Solar Power Generation In India
Sep 05, 2008: Torrent Power To Setup New Greenfield And Brownfield Projects
Feb 09, 2017: Torrent Power: Announces Q3 results & Limited Review Report for the Quarter ended December 31, 2016
Aug 02, 2016: Torrent Power announces Q1 Results (Standalone & Consolidated), Limited Review Report (Standalone & Consolidated) for the Quarter ended June 30, 2016
May 18, 2016: Torrent Power announces Q4 & FY16 Results, Form A & Auditors Report for the period ended March 31, 2016
Feb 02, 2016: Announces Q3 Results (Standalone & Consolidated), Limited Review Report (Standalone & Consolidated) for the Quarter ended December 31, 2015: Torrent Power
Oct 28, 2015: Torrent Power announces Q2 results & Limited Review Report for the Quarter ended September 30, 2015
Aug 04, 2015: Torrent Power Ltd: Announces Q1 results & Limited Review Report for the Quarter ended June 30, 2015
May 12, 2015: Torrent Power: Announces Q4 & FY15 results & Auditors Report for the period ended March 31, 2015
Jan 31, 2015: Torrent Power Ltd: Announces Q3 Results & Limited Review Report for Dec 31, 2014
Nov 04, 2014: Torrent Power reports its Q2 FY 2014-15 results
Jul 28, 2014: Torrent Power reports its Q1 FY 2014-15 results
May 13, 2014: Torrent Power Board recommends Dividend
May 13, 2014: Torrent Power Announces Q4 & FY14 results and Auditors' Report for March 31, 2014
May 12, 2014: Torrent Power reports its FY 2013-14 results
May 07, 2014: Torrent Power Board to consider Dividend
Jan 27, 2014: Torrent Power Announces Q3 results & Limited Review Report for the Quarter ended December 31, 2013
Oct 29, 2013: Torrent Power reports its Q2 FY 2013-14 results
Jul 25, 2013: Torrent Power reports its Q1 FY 2013-14 results
May 29, 2013: Torrent Power: Board recommends Dividend of Rs.10
May 29, 2013: Torrent Power: Announces FY13 Results and Auditors' Report for March 31, 2013
Jan 28, 2013: Torrent Power Reports Revenue Of INR19.1 Billion In Q3 Fiscal 2013
Oct 27, 2012: Torrent Power Reports Revenue Of INR21.4 Billion In Q2 Fiscal 2013
Jul 24, 2012: Torrent Power Reports Revenue Of INR20.8 Billion In Q1 Fiscal 2013
May 11, 2012: Torrent Power Reports Revenue Of INR74.8 Billion In Fiscal 2012
Jan 21, 2012: Torrent Power Reports Revenue Of INR18.6 Billion In Q3 Fiscal 2012
Oct 19, 2011: Torrent Power Reports Net Profit Of INR3.1 Billion In Q2 Fiscal 2012
Jul 29, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR18.8 Billion In Q1 Fiscal 2012
May 04, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR65.3 Billion In Fiscal 2011
Jan 24, 2011: Torrent Power Reports Net Sales/Income From Operations Of INR14.7 Billion In Q3 Fiscal 2011
Oct 27, 2010: Torrent Power Reports Net Profit Of INR2.18 Billion In Q2 Fiscal 2011
Jul 31, 2010: Torrent Power Reports Total Income Of INR18.2 Billion For Q1 Fiscal 2010/11
May 16, 2010: Torrent Power Reports Net Sales Of INR43.15 Billion In Fiscal 2009
May 07, 2010: Torrent Power Reports Net Sales Of INR58.24 Billion In Fiscal 2010
Oct 30, 2009: Torrent Power Reports Net Sales Of INR14.29 Billion In Q2 Fiscal 2010
Oct 25, 2016: Torrent Power Issues Tender To Import 38 LNG Cargoes
Jul 18, 2016: Torrent Power announces significant reduction in FPPPA charge applicable in current quarter for its Consumers in Ahmedabad, Gandhinagar and Surat
Mar 19, 2016: Torrent Power Limited withdraws its Technical Bids for reverse e-auction of Gas by Ministry of Power scheduled on March 20, 2016
Oct 28, 2015: Torrent Power: Outcome of Board Meeting
Oct 19, 2015: Appointment of Director: Torrent Power
Aug 04, 2015: Torrent Power Ltd: Outcome of Board Meeting
Jun 23, 2015: India’s Uttar Pradesh state cancels Torrent Power's agreement to distribute electricity in Kanpur
May 13, 2015: Torrent Power: Resignation of Director
Mar 02, 2015: Resignation of Company Secretary: Torrent Power
Nov 26, 2014: Torrent Power completes commissioning of nearly 1200 MW gas based DGEN Mega Power Project
Sep 02, 2014: Torrent Power Announces Resignation of Director
Jul 30, 2014: Torrent Power Announces Appointment of Directors
May 13, 2014: Torrent Power Announces Outcome of Board Meeting
Apr 04, 2014: Announces Outcome of Board Meeting - Appointment of Director
Jan 27, 2014: Torrent Power: Outcome of Board Meeting - Resignation of Director
Sep 04, 2013: Torrent Power: Resignation of Director
Feb 28, 2013: Torrent Power: Appointment of Company Secretary & Compliance Officer
Aug 21, 2012: Torrent Power Energizes CTC Global’s ACCC Transmission Line In Ahmedabad, India
Jul 03, 2012: Uttar Pradesh Government In India To Allow 10 Power Projects To Import Coal
Oct 20, 2011: Torrent Power Appoints Jinal Mehta And V. K. Kukreja As Additional Directors
Aug 02, 2011: 20 Companies Submitted Bids For UMPP In Orissa, India: PFC Chairman
Jul 29, 2011: Torrent Power Appoints D. J. Pandian As Additional Director
Jul 05, 2010: PFC Postpones RFQ Bidding Deadline For 4,000MW Chhattisgarh UMPP In India
Apr 29, 2010: Torrent Power To Spend INR60 Billion For Establishing 1,200MW Gas-Fired Combined Cycle Power Project
Apr 02, 2010: Torrent Power Takes Control Of Power Distribution In Agra City, India
Mar 28, 2010: Torrent Power May Take Over Power Distribution In Agra City, India
Aug 17, 2009: GEDA Awards 365 MW Solar PV, 351 MW Solar Thermal Projects In Gujarat, India
May 26, 2009: UP Power Employees Express Dissent Against Torrent Power's Privatization Of Power Distribution
May 19, 2009: Uttar Pradesh Government Signs MoU With Torrent Power To Privatize Power Distribution
Mar 22, 2009: Torrent Power Appoints New Director
Dec 05, 2016: Torrent Power Ltd: Intimation of Renewal and Amendment Agreement to Distribution Franchise Agreement for Bhiwandi Circle
Mar 28, 2016: Intimation for execution of Contract by the Company: Torrent Power
Sep 18, 2015: Torrent Power and its subsidiaries win gas allocations
Jul 06, 2011: Doosan Signs $56m Contract With Torrent Power For Remodeling Of Sabarmati Thermal Power Plant
Jul 04, 2011: Siemens Water Secures Contract To Provide Water Treatment System For Torrent Power’s UNOSUGEN CCPP In Surat, India
Mar 31, 2011: Skoda Power Receives Contracts In Israel And India
Jul 02, 2010: Torrent Power Awards EPC Contracts To Siemens To Set Up 382.5MW Project At SUGEN And 1,200MW Project At Dahej, India
Apr 28, 2009: RIL Signs GSPA With Power Companies
Feb 24, 2009: Torrent Power Receives LoI From UPPCL For Power Supply Under KESCL
Appendix
Report Scope
GlobalData Coverage
Benchmarking
GlobalData’s Methodology
Secondary Research
Primary Research
Contact Us
Disclaimer
LIST OF TABLES
Torrent Power Limited, Key Facts
Torrent Power Limited, Operational Metrics, Capacity
Torrent Power Limited, Operational Metrics, Customers
Torrent Power Limited, Operational Metrics, Segmental Information
Torrent Power Limited, Operational Metrics, Sales
Torrent Power Limited, Wind Farms, India
Torrent Power Limited, Solar PV Parks, India
Torrent Power Limited, Thermal Power Plants, India
Major Products and Services
Torrent Power Limited, SWOT Analysis
Torrent Power Limited, Ratios based on current share price
Torrent Power Limited, Annual Ratios
Torrent Power Limited, Interim Ratios
Torrent Power Limited, Key Employees
Torrent Power Limited, Subsidiaries
Torrent Power Limited, Deals Summary
Torrent Power to Acquire Solar and Wind Power Plants in Gujarat, India from Torrent Solargen for USD12 Million
Torrent Power To Invest US$221 Million For Wind And Solar Power Project In Gujarat, India
Torrent Cables to Merge with Torrent Power
Torrent Power to Raise USD224.2 Million in Private Placement of Debentures
Torrent Power Limited, Key Facts
Torrent Power Limited, Operational Metrics, Capacity
Torrent Power Limited, Operational Metrics, Customers
Torrent Power Limited, Operational Metrics, Segmental Information
Torrent Power Limited, Operational Metrics, Sales
Torrent Power Limited, Wind Farms, India
Torrent Power Limited, Solar PV Parks, India
Torrent Power Limited, Thermal Power Plants, India
Major Products and Services
Torrent Power Limited, SWOT Analysis
Torrent Power Limited, Ratios based on current share price
Torrent Power Limited, Annual Ratios
Torrent Power Limited, Interim Ratios
Torrent Power Limited, Key Employees
Torrent Power Limited, Subsidiaries
Torrent Power Limited, Deals Summary
Torrent Power to Acquire Solar and Wind Power Plants in Gujarat, India from Torrent Solargen for USD12 Million
Torrent Power To Invest US$221 Million For Wind And Solar Power Project In Gujarat, India
Torrent Cables to Merge with Torrent Power
Torrent Power to Raise USD224.2 Million in Private Placement of Debentures
