Torrent Power Limited announced the signing of a Share Subscription and Shareholders’ Agreement (SSSA) with Spectrum Dyes and Chemicals Private Limited, Anubha Industries Private Limited, and Torrent Urja 20 Private Limited (TU20) on November 12, 2024. This agreement aims to facilitate the supply of up to 9.9 MW of renewable hybrid power from TU20 to the production units of Spectrum and Anubha through open access.
Under the agreement, Torrent Power holds 10,000 ordinary equity shares in TU20, making it a wholly owned subsidiary. Spectrum and Anubha will receive Class A Equity Shares, each carrying one vote and non-cumulative dividends as specified in the agreement. The agreement also stipulates that Spectrum and Anubha maintain at least 26% of the equity shares in TU20.
This transaction is classified as a related-party transaction, conducted on an arm’s-length basis. The issuance price for the shares will be at a face value of ₹10 each, with subscription amounts to be paid in tranches before the Commercial Operation Date (COD).
The partnership underscores Torrent Power’s commitment to expanding renewable energy supply, aligning with sustainability goals, and supporting Spectrum and Anubha’s power requirements through renewable sources.
