In line with its ongoing ESG journey and commitment to improve its carbon footprint and obtain energy from cleaner sources, Arvind has entered into a Share Subscription and Shareholders' Agreement with Torrent Green Energy (Sponsor) and its subsidiary, Torrent Urja 28 (TUPL).
As part of this agreement, Arvind along-with other User Members will subscribe Equity Shares of Rs 10 each in TUPL, representing minimum 26% of its total equity share capital, thereby meeting the regulatory requirement of ‘captive user’ under applicable electricity laws. The company will invest 15.96% of equity share capital of TUPL towards its proportionate share in the capacity.
The investment will support the development of 20 MW hybrid (wind-solar) power project for Arvind’s captive requirement. Arvind signed a 25-year Power Purchase Agreement (PPA) with a Take-or-Pay arrangement for the supply of renewable energy. Post commissioning, this project will enable Arvind to source approximately 60% of its total electricity requirements from renewable sources.
Arvind is engaged in manufacturing high-end superfine fabrics.
