City-based Surana Telecom and Power Limited has received in-principle approval to demerge its solar business and consolidate it with group company Surana Ventures Limited. The proposal was approved by the boards of both the companies at their respective meetings held on October 13.
In a filing to the BSE on Wednesday, the company said Surana Ventures Limited, on demerger, will issue shares to the existing shareholders of Surana Telecom and Power Limited and seek listing on the BSE and the NSE, subject to regulatory approvals.
Surana Group, which forayed into the solar business in 2008, is currently engaged in this segment through two of its group companies – Surana Telecom, which has a 40Mw module manufacturing plant at Cherlapally near Hyderabad, and Surana Ventures. Surana Telecom is also in receipt of in-principle sanction from the Non-Conventional Energy Development Corporation of Andhra Pradesh Limited for setting up a 5Mw solar photovoltaic (PV) grid interactive power plant in Ranga Reddy district.
Surana Ventures has 10 acre of lease-hold land in the Fab City special economic zone on the city outskirts in which it is in the process of setting up a 20Mw solar PV module manufacturing facility. The plant will cater to the export market.
