Torrent Urja, currently a wholly owned subsidiary of Torrent Green Energy Pvt. Ltd., has been incorporated to build a solar-plus-wind power project. The acquisition will allow Torrent Pharma to enhance the share of renewable energy in its operations while meeting regulatory requirements under India’s electricity laws.
The project is expected to be completed within 18 to 20 months.The pharmaceutical company will subscribe to 79.19 lakh Class A equity shares of Torrent Urja, priced at ₹10 each. This transaction is structured as a related-party deal but is being carried out on an arm’s-length basis, Torrent Pharma said in a stock exchange filing.
The move comes as Torrent Pharma continues to consolidate its position in India’s healthcare sector. In June, the company announced a ₹19,500 crore acquisition of JB Chemicals and Pharmaceuticals, a deal that will make it the country’s second most valuable pharma player. The purchase includes a 46.39% stake from the promoters for about ₹11,917 crore, alongside an additional open offer as per listing norms.
Operationally, Torrent Pharma reported strong financials for the June quarter, with net profit up 19.9% year-on-year at ₹548 crore on revenue of ₹3,178 crore. The company’s margins also improved, supported by its branded generics portfolio and leadership in chronic therapies such as cardiovascular and CNS.
Shares of Torrent Pharma closed 1.23% lower at ₹3,598.40 apiece on the NSE on Wednesday, ahead of its earnings announcement.
