Orient Green Power cancels equity sales deed with Singapore firm

Deal stymied by a cooperative body, which exercises first right to buy shares under a BOOT agreement

Orient Green Power Company Limited has said that a Memorandum of Understanding (MoU) signed with Sindicatum Captive Energy Singapore Pte Limited, to divest its entire stake held in Orient Green Power (Maharashtra) Private Limited (OGPML), stands cancelled. OGPML operates a 20 Mw co-generation power project in Kolhapur, Maharashtra.

The company, in a regulatory filing said that while plans were to sell 100 per cent equity shares held by OGPML to the Singapore-based company, Padmashri Dr D Y Patil Sahakari Sakhar Karkhana Ltd (society) exercised its option of first right to purchase the shares of OGPML as per the terms of Build,