To its Promoter Company - SVL or its subsidiaries
Orient Green Power Company announced that its Board of Directors has approved the sale of the bulk of its Biomass Operations to its Promoter Company - SVL or its subsidiaries.OGPL had made an application in May 2016 to the Madras High Court for demerger of the biomass business into a separate listed entity which is currently pending. Subsequent to its application for demerger, OGPL has agreed to sell its 20 MW Cogeneration plant in Kolhapur, Maharashtra to the host Sugar Mill as already approved by the Board. A 10MW plant in Rajasthan is also in the process of being divested. Upon completion of these transactions, the biomass capacity will reduce to 68 MW.
The Board has approved the sale at an Enterprise Value of Rs 275 crore.
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