Kalpataru Power drops plan for new Mumbai office, cites 'investor feedback'

KPTL had said the plans for the new office in Santa Cruz involved purchasing land for Rs 207 crore

Kalpataru Power Transmission (KPTL) said on Thursday it has dropped its plan to construct a new office in Santacruz, Mumbai, after analysts flagged concerns about related party transactions and capital misallocation.

KPTL said it has decided to keep the proposal of construction of a corporate office in abeyance.  “Since the disclosure was made on December 08, 2020, the company has received certain observations and feedback from investors and on a reconsideration, the management has further reviewed the matter and decided to keep the proposal of construction of corporate office in abeyance,” the company said in a statement. In its December