Torrent Power's subsidiary Torrent Urja 14 (TU14) will set up solar projects of up to 50 MW to supply clean power to ARS Steels & Alloy International (ARS), a BSE filing said on Monday.
As per the Subscription and Shareholders' Agreement (SSSA) signed on Monday, ARS will also have an equity stake in the TU14 -- an arm of Torrent Power.
The SSSA has been signed by Torrent Power, ARS and TU14 for the supply of power from by development of up to 50 MWp solar power generating projects in Tamil Nadu through open access from the project of TU14 to the production units of ARS," the filing said.
"Significant terms of SSSA include that ARS shall at all times during the subsistence of the power supply and offtake agreement hold not less than 26 per cent of the aggregate equity shares of TU14," Torrent Power said.
Torrent Power is into generation, transmission and distribution of power. The company is also engaged in the manufacturing and supply of power cables.
