Atul Ltd has agreed to acquire 26.30% of the equity shares of Torrent Urja 39 Pvt Ltd (TUPL), a Torrent Green Energy Pvt Ltd subsidiary, for up to ₹13.86 crore. The acquisition aims to meet electricity law requirements for Atul Ltd to become a captive user of TUPL’s hybrid (wind-solar) power plant in Gujarat. The investment will be made in one or more tranches.
Acquisition of Shares
Atul Ltd has announced its agreement to acquire a 26.30% stake in Torrent Urja 39 Pvt Ltd (TUPL), a subsidiary of Torrent Green Energy Pvt Ltd.
Details of the Transaction
The company will invest up to ₹13.86 crore to acquire the shares. The investment will be completed in one or more tranches.
Rationale for the Acquisition
This acquisition will allow Atul Ltd to meet the regulatory requirements of electricity laws, enabling it to become a captive user of a hybrid (wind-solar) power plant being set up by TUPL in Gujarat.
About Torrent Urja 39 Pvt Ltd (TUPL)
TUPL, incorporated on March 19, 2025, is a wholly-owned subsidiary of Torrent Green Energy Pvt Ltd and serves as a special purpose vehicle for establishing a captive power project in Gujarat. Currently, TUPL has no turnover.
Timeline for Completion
The acquisition is expected to be completed within 14 to 16 months.
Source: BSE
