Torrent Power Ltd (TPL), one of the leading brands in the Indian power sector, has received a sanction order from the Gujarat High Court for the scheme of arrangement which provides for taking over the wind and solar energy undertakings of its arm Torrent Solargen Ltd (TSL) to the company.

“The company has received the Certified Copy of the Order of the High Court of Gujarat sanctioning the Scheme of Arrangement, which provides for the Transfer and vesting of the Solar Energy Undertaking as well as Wind Energy Undertaking of Torrent Solargen Ltd by way of slump sale to Torrent Power Ltd pursuant to the provisions of Sections 391 to 394 and other relevant provisions of the Companies Act, 1956/Companies Act, 2013 (to the extent notified),” said a filing from the company.

TSL is an unlisted company engaged in the business of renewable power generation. It was in last May, the Directors’ Board of TPL approved a Draft Scheme of Arrangement of the company with its wholly owned subsidiary Torrent Solargen (formerly known as Torrent Power Bhiwandi Ltd) for the transfer and vesting of solar and wind energy undertakings of the latter to TPL on a going concern basis for a lump sum cash consideration of Rs 80.63 crore.

here is company details.

 

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