Torrent Pharma raises investment in Torrent Urja 27 to ₹11.88 cr to acquire 26% stake

Torrent Pharmaceuticals Ltd has increased its proposed investment in Torrent Urja 27 Pvt Ltd to ₹11.88 crore to acquire a 26 per cent stake, following an increase in project capacity, according to a regulatory filing on Monday.

The company had earlier entered into an agreement to invest ₹7.9 crore for the stake.

An amendment agreement to the share subscription and shareholders' agreement was executed on Monday to enhance the investment to ₹11.88 crore from ₹7.9 crore for 1,18,79,010 Class A equity shares of face value Rs 10 each, the filing said.

Torrent Urja 27 is setting up a captive hybrid (solar and wind) power project in Gujarat.

The transaction aims to enhance Torrent Pharma's share of renewable power sources and fulfil the regulatory criteria for a captive user under Indian electricity laws, it said.

The acquisition is being done on an arm's length basis for cash consideration and is expected to be completed in 18-21 months.

Torrent Urja, currently a wholly owned subsidiary of Torrent Green Energy Private Ltd, is a special purpose vehicle formed for setting up captive power projects in Gujarat.

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