India's largest sugar firm Bajaj Hindusthan today said Bajaj Energy, which is setting up five power plants in Uttar Pradesh with a total capacity of 450 MW, has ceased to be its subsidiary.
Bajaj Hindusthan's stake in Bajaj Energy -- the special purpose vehicle for 450 MW coal fired thermal power project -- has come down to 26.07% from earlier 51%, following further allotment of shares by the SPV, according to company's filing to the Bombay Stock Exchange (BSE).
In 2010, Bajaj Hindusthan had forayed into power venture. It had announced setting up five coal based power plants, each with 90 MW capacity, in UP adjacent to its 5 sugar plants.
The project cost was estimated to be at Rs 2,300 crore.
The Shishir Bajaj-promoted firm had announced in 2010 that it would hold a minimum of 26% in the SPV.
That apart, Bajaj through a consortium is also developing two mega thermal power projects in UP, each of which will produce 1,980 MWs of power. Shares of Bajaj Hindusthan closed at Rs 31.05 on the BSE, up 0.49%.