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India Ratings affirmed Torrent Power's existing NCDs worth ₹3,700 Cr at 'IND AA+/Stable' and assigned the same rating to new NCDs worth ₹4,000 Cr. Commercial Paper rating of ₹1,650 Cr was affirmed at 'IND A1+'. This reflects its stable, regulated business model, strong operational performance, and robust credit metrics supporting significant growth projects.