Shares of Alivus Life Sciences Ltd rose 2.44% to ₹1,085.90 on Wednesday after the company announced a strategic acquisition in the renewable energy space. The stock touched an intraday high of ₹1,094.00 and a low of ₹1,035.00, compared to the previous close of ₹1,060.00. The company’s market capitalization now stands at ₹133.06 billion.
The company disclosed that it will acquire a 9.21% stake in Torrent Urja 19 Private Limited for a cash consideration of ₹15.60 crore. The move is part of Alivus’ broader sustainability strategy to become carbon neutral by 2030. Torrent Urja 19 is a special purpose vehicle formed to develop renewable energy projects and currently has zero revenue.
According to the agreement, Alivus will subscribe to equity shares of Torrent Urja 19, enabling it to qualify as a captive user under Indian electricity laws. This investment is expected to enhance the share of renewable energy in its operations. The subscription is likely to be completed within six months.
Torrent Urja 19 was incorporated in August 2024 and operates in the renewable power generation sector, specifically focusing on solar energy. The company is currently in the development stage with no revenue reported in the last three years.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
