In view of the proposed demerger into two separate companies, the Delhi High Court has directed the Ratnagiri Gas and Power (RGPPL) and Konkan LNG to hold separate meetings of their shareholders and creditors for considering the demerger.
In a public notice issued today, the Delhi High Court said, "...Separate meetings to be held of equity shareholders and secured and unsecured creditors of RGPPL and separate meeting of equity shareholders of Konkan LNG for the purpose of considering, and, if thought fit approving with or without modification, the scheme of arrangement (demerger)..."
In September, the Maharashtra government granted approval for the demerger of RGPPL into two separate companies for viability and prevent it from being declared as a non-performing asset (NPA).
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Built by the erstwhile US firm Enron, the Rs 12,000 crore, 1,967 MW Dabhol power project, was closed since December 2013 due to inadequate supply of gas. But it was revived in November last year.
After the demerger, the two new companies will be known as RGPPL and Konkan LNG to operate the five million per annum LNG import facilities in Ratnagiri.
While the state government holds a 13.5 per cent stake in RGPPL through the MSEB Holding Company, other stakeholders include financial institutions (35.41 per cent), NTPC and GAIL (both 25.51 per cent each).
In the new demerged firm Konkan LNG, MSEB Holding will have a 4.10 per cent equity.
Post-revival, RGPPL currently generates 500 MW power which is being supplied to the Indian Railways.
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