Torrent Pharma to acquire 26% stake in Torrent Urja 27 for captive renewable power project

Ahmedabad: Torrent Pharmaceuticals Limited announced that it has entered into a Share Subscription and Shareholders' Agreement (SSSA) to acquire a 26 percent equity stake in Torrent Urja 27 Private Limited, a step-down Subsidiary of the Company’s holding Company. The Transaction is being carried out at arm’s length basis. Torrent Urja, currently a wholly owned subsidiary of Torrent Green Energy Private Limited, is a special purpose vehicle formed for setting up captive power project in Gujarat. The investment, valued at Rs 7.92 crore for 79,19,340 Class A equity shares at a face value of Rs 10 each, is intended to enhance the share of renewable power sources in the operation of the Company and to comply with regulatory requirement for being a captive user under Indian electricity laws, Torrent stated in a BSE filing. Torrent Urja, incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on 06-Aug-24, has not yet commenced operations. The acquisition is expected to be completed within 18–20 months. Torrent Pharmaceuticals, headquartered in Ahmedabad, Gujarat, is a prominent Indian pharmaceutical company known for developing, manufacturing, and marketing branded and generic medications. It operates across various therapeutic areas, including cardiovascular, central nervous system, and diabetes care, with a strong presence in both regulated and emerging global markets. Read also: Torrent Pharma seeks CCI clearance to acquire majority stake in JB Pharma in Rs 19500 crore deal