Alivus Life Sciences has agreed to buy a 9.21% stake in Torrent Urja 19, a renewable energy special purpose vehicle set up by Torrent Green Energy. The deal is structured to meet group captive power rules under India's Electricity Act, so Alivus can draw solar and hybrid power for its manufacturing plants. The company says the move supports its goal of becoming carbon neutral by 2030. Alivus's parent company Nirma is also taking a 16.99% stake in the same SPV, which brings the combined group holding to 26.2%. That level matters because group captive regulations require users to hold at least 26% of the project. The reported price of the Alivus stake is around Rs 14 crore, though an earlier filing cited Rs 15.6 crore. Execution risk remains. The SPV was incorporated in August 2024 and still needs to commission its generation capacity. Any delay in the project or changes to captive power rules would weaken the expected benefit. Still, the deal shows how Indian API makers are using renewable equity stakes to cut power costs and meet ESG requirements in export markets.
