Torrent Power Limited — Important, 12-11-2024: Agreements

Torrent Power Limited has executed a Share Subscription and Shareholders’ Agreement with Spectrum Dyes and Chemicals Private Limited, Anubha Industries Private Limited, and Torrent Urja 20 Private Limited. This agreement aims for the supply of up to 9.9 MW hybrid power from renewable sources through open access from TU20 to the production units of Spectrum & Anubha.

Under the agreement, Torrent Power holds a 10,000 equity share stake in TU20, a wholly-owned subsidiary. Spectrum & Anubha will collectively maintain at least a 26% equity shareholding in TU20 and will receive Class A equity shares, which carry voting rights and non-cumulative dividends at the stipulated rate. The share subscription will occur at a face value of ₹10 each, with payments to be made before the commercial operation date. This strategic decision could enhance Torrent's renewable energy prospects and foster long-term partnerships in the green energy sector, positioning the company favorably for future growth.