Torrent Pharma Boosts Torrent Urja Investment To ₹11.88 Crore For Gujarat Hybrid Power Project
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Torrent Pharma raised its Torrent Urja investment to ₹11.88 crore from ₹7.92 crore after the Gujarat hybrid power project's capacity increased, retaining a 26% stake.
Torrent Pharmaceuticals has increased its proposed investment in Torrent Urja 27 Private Limited after the capacity of its captive hybrid power project in Gujarat was increased.
The investment is being made through an amendment to the Share Subscription and Shareholders’ Agreement (SSSA). Torrent Pharma said the project is intended to increase the share of renewable power sources in its operations and meet regulatory requirements for being a captive user under Indian electricity laws.
Torrent Pharma share price was trading 1.91% lower at ₹4,893.50 at 01:12 pm on 28 September, according to the latest market data.
Why Has Torrent Pharma Increased Its Investment In Torrent Urja?
Torrent Pharma will increase its investment in Torrent Urja to ₹11.88 crore from ₹7.92 crore following the increase in the hybrid power project's capacity. The investment will give the company a 26% stake through the acquisition of 1,18,79,010 Class A equity shares with a face value of ₹10 each.
Torrent Urja is a special purpose vehicle formed to set up a captive power project in Gujarat. It is currently a wholly owned subsidiary of Torrent Green Energy Private Limited and is described as an associate company of Torrent Pharma and a step-down subsidiary of the company's holding company. The transaction is being carried out on an arm's-length basis and is expected to take around 18 to 21 months to complete.
The project will generate and transmit hybrid energy from wind, solar and other renewable sources. No government or regulatory approval is required for the transaction, according to the filing.
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Vishwa has spent 10+ years across fintech and FMCG doing what most people miss, connecting the dots, catching trends before they trend, and finding the angle nobody else thought to ask about.
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