Torrent Power on May 19 said its board has approved a scheme for taking over wind and solar energy undertakings of its arm Torrent Solargen for Rs 80.63 crore. The board of directors in its meeting held on May 18, 2016, approved a draft scheme between Torrent Power and Torrent Solargen for the transfer and vesting of solar and wind energy undertakings on a going concern basis by way of slump sale for a lump sum cash consideration of Rs 80.63 crore, the company said in a BSE filing. Torrent Solargen is an unlisted company and has a paid up capital of Rs 80.05 crore. It currently has two projects — a 51 MW solar project at Charanka (operational) and 136.80 MW wind energy project at Mahidad in Gujarat (under construction). The company said that there would not be any change in shareholding pattern due to the transaction.
Source:PTI
