Atul Ltd to Acquire 26.30% Stake in Torrent Urja 39 Pvt Ltd for ₹ 13.86 Cr

Atul Ltd has agreed to acquire 26.30% of equity shares of Torrent Urja 39 Pvt Ltd (TUPL), a subsidiary of Torrent Green Energy Pvt Ltd, for an aggregate consideration up to ₹ 13.86 cr. The acquisition is to meet the regulatory requirements of electricity laws for becoming a ‘captive user’ of a hybrid (wind-solar) power plant being set up by TUPL in the state of Gujarat. TUPL is a special purpose vehicle formed for setting up a captive power project. The transaction is not a related party transaction and Atul Ltd has no interest in the entity being acquired. TUPL is incorporated in India and is yet to commence its business operations. The acquisition is expected to be completed in 14 to 16 months.