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Torrent Power has said that its board has approved a scheme to take over wind and solar energy undertakings of its arm Torrent Solargen for Rs 80.63 crore.
The company has said in a BSE filing that 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.
Torrent Solargen is an unlisted company with a paid up capital of Rs 80.05 crore. At present, it has two projects a 51 MW solar project at Charanka (operational) and 136.80 MW wind energy project at Mahidad in Gujarat (under construction).
