Energy Development to merge subsidiary with itself
Power producer Energy Development Company Ltd has said it will merge its subsidiary Dhanashree Projects Pvt Ltd with itself.
The board of directors took a decision to this effect at its meeting, Energy Development Company said in a filing with the Bombay Stock Exchange.
The board has approved transferring the Ullunkal Hydel Power Project of the company to its 100 per cent subsidiary - EDCL Power Projects Ltd - in compliance with the terms of the implementation agreement.
"Necessary scheme of arrangement under section 391 to 394 of the companies Act, 1956 would be finalised and submitted to the stock exchanges simultaneously on filing the same with the concerned High Courts," it said.
The company operates a nine megawatt hydro-electric plant at Harangi and a wind mill having a capacity if 1.5 megawatt at Hassan district in Karnataka.
The company’s business segment comprises generation and sale of electricity, sale of electrical project materials and consultancy services.