SRM Energy to sell power plant in Cuddalore.

Mumbai-based SRM Energy Ltd. is planning to sell its thermal power plant in Cuddalore, in Tamil Nadu, which it has been transferred to a wholly-owned subsidiary SRM Energy Tamilnadu Pvt Ltd.

The company has been in the process of implementing a 3X660 MW (1980 MW) super critical thermal power plant based mainly on imported coal, in Cuddalore. The company, in its website, has said earlier that in order to proceed at a faster pace with resource mobilization and implementation it has decided to hive off the Cuddalore Power Project to a separate SPV, SRM Energy Tamilnadu Pvt Ltd, subject to receipt of all the necessary approvals.

On Monday, the company informed the Bombay Stock Exchange, 'The Board decided to sale/ dispose off the Power Plant transferred in its wholly-owned subsidiary 'SRM Energy Tamilnadu Private Limited' subject to the necessary approvals from the shareholders and other statutory authorities, if any.'

The Board has authorised Vishal Rastogi, managing director of the company to do all the deeds and acts as may be deemed necessary and also to take requisite step for the sell or dispose off the Power Plant in the wholly-owned subsidiary, including to find buyer, giving requisite mandates, subject to necessary approvals of shareholders and other statutory authorities, if any, it said.


BS