Orient Green divests stake in Powergen Lanka

Orient Green Power Company, the renewable energy arm of Rs 50,000-crore Shriram Group, has offloaded its entire stake in Powergen Lanka (Pvt) Ltd, a subsidiary in Sri Lanka. The value of the transaction is estimated to be around $8 million. OGPL had acquired 90 per cent stake in Powergen, which became its subsidiary with effect from October 11, 2010. To concentrate on the fast emerging renewable business in India, it was decided to exit the small and wind projects overseas and accordingly the company decided to offload its 90 per cent stake in Powergen. Windforce (Pvt) Ltd, Colombo, accorded its willingness to purchase the stake, it informed the BSE.