Advertisement

Tata Power gets NCLT approval for Composite Scheme of Arrangement with CGPL

FPJ Web Desk | Updated on: Friday, April 01, 2022, 01:35 PM IST

The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits, the company said in a press statement.
/Logo |
The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits, the company said in a press statement. /Logo |
Advertisement

Tata Power has received approval from the Mumbai bench of National Company Law Tribunal (NCLT) in its order dated 31 March 2022 for the Composite Scheme of Arrangement between Coastal Gujarat Power Limited (CGPL) and Tata Power and their respective shareholders. CGPL is a wholly-owned subsidiary of Tata Power and operates the 4000 MW UMPP in Mundra, Gujarat.

The Scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity. Further benefits include availing easier financial support, bringing operational efficiencies, and enabling cost savings through legal entity rationalization and consolidation.

CGPL is one of India's most energy efficient thermal plants and uses supercritical technology to generate power, the statement added.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Friday, April 01, 2022, 01:35 PM IST