Mumbai-based SRM Energy Ltd is planning to sell Cuddalore thermal power plant in Tamil Nadu.
The power plant had been transferred to a wholly-owned subsidiary SRM Energy Tamilnadu Pvt Ltd.
The parent company is in the process of implementing a 3X660-Mw super critical thermal power plant based on imported coal, in Cuddalore.
The company, on its website, had earlier cited in order to proceed at a faster pace with resource mobilisation and implementation, the company had 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 March 9, the company informed BSE, “The Board has 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 company’s board had 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 steps for selling/disposing off the power plant, it said in a statement.