Arvind Ltd Acquires Stakes in TU12 and TU21 for Renewable Power

Arvind Limited has entered into new Power Transfer Agreements (PTA) and Share Subscription and Shareholders' Agreements (SSHA) with Torrent Urja 12 Private Limited (TU12) and Torrent Urja 21 Private Limited (TU21). This follows the termination of a previous agreement with Torrent Urja 28 Private Limited (TU28) due to capacity reallocation. Arvind will acquire 13.30% equity in TU12 and 26.60% in TU21. The company will invest up to ₹3.47 Crores in TU12 for its proportionate share of capacity. The objective is to offtake electricity generated from these hybrid renewable power projects as a captive user, aiming for significant financial and commercial benefits. Both TU12 and TU21 are incorporated to set up Hybrid Power Projects in Gujarat, with TU12 incorporated on April 18, 2023, and TU21 on August 5, 2024. Neither entity has reported turnover as of the disclosure date.