Arvind Terminates Power Agreement with TU28, Signs New Deals with TU12 & TU21
Arvind Limited terminated its power agreement with TU28 due to capacity reallocation. The company has now signed new agreements with TU12 and TU21 to procure renewable power. Arvind will acquire 13.30% equity in TU12 for up to ₹3.47 Crores and 26.60% equity in TU21 for up to ₹17.33 Crores.
The company is entering into new agreements for renewable power procurement, which involves significant investment and strategic partnerships, indicating a medium-term impact on its energy sourcing and potentially operational costs.
The announcement involves the termination of one agreement and the initiation of new ones, with no immediate positive or negative financial impact explicitly stated beyond the investment amounts. The shift in partners is presented factually.
Arvind Limited announced the termination of its Power Transfer Agreement (PTA) and Share Subscription and Shareholders' Agreement (SSHA) with Torrent Urja 28 Private Limited (TU28), effective August 25, 2026. This termination was mutually agreed upon due to a reallocation of capacity. The company confirmed that no equity infusion was made into TU28, and it holds no equity participation in that entity.
Concurrently, Arvind Limited has entered into new agreements with Torrent Urja 12 Private Limited (TU12) and Torrent Urja 21 Private Limited (TU21) for the procurement of renewable power. Under these new arrangements, Arvind will acquire 13.30% equity share capital in TU12 and 26.60% equity share capital in TU21. The total investment in TU12 is up to ₹3.47 Crores, representing its proportionate share of capacity. The investment in TU21 is up to ₹17.33 Crores, also for its proportionate share of capacity.
Both TU12 and TU21 are incorporated in India and are involved in the generation and transmission of Solar & Wind Hybrid energy. TU12 was incorporated on April 18, 2023, while TU21 was incorporated on August 5, 2024. Both entities have a turnover of NIL and are set up to establish Hybrid Power Projects in Gujarat. These new agreements are expected to provide significant financial and commercial benefits to Arvind Limited as a Captive User of the generated electricity.
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Arvind Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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