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GMR Power and Urban Infra Limited has acquired 100% stake in GMR Green Energy Private Limited (GGEPL) from GMR Solar Energy Private Limited (GSEPL) a fellow subsidiary.
The Company has acquired entire 50,000 equity shares of GGEPL at face value of Rs. 10/- each for an aggregate cash consideration of Rs. 5,00,000 /- on June 21, 2022.
GGEPL was incorporated during the year 2022 with the objective to pursue opportunities in the Green Energy business and is yet to commence commercial operations.
GMR Energy is a part of GMR Group, which is one of the largest diversified Infrastructure Conglomerates in India. With an operating capacity of over 4400 MW, it has a balanced fuel mix of coal, gas as well as renewable sources of wind and solar energy. Apart from this, plants of over 2300 MW generation capacity are under various stages of development in India and Nepal.
The acquisition did not require any government or regulatory approval.
Pursuant to the above acquisition, GGEPL would become a Wholly Owned Subsidiary of the Company.